Analyst sounds AMD cash-flow warning
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Chip maker about to be bought? A US analyst has expressed "increasing concerns" that AMD is heading toward a cash-flow crisis even a shareholders' ears prick to whispers that a private equity company is looking to buy a stake in the chip maker - or even the whole kit and kaboodle.â¦
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At Intel Corp  and  Advanced Micro Devices Inc , which together own the  market for computer microprocessors, their chief executives had  one message for investors this week: "What, me worry?"
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Investors will be looking for a quick recovery in the stock market this week, but such a rebound might do more harm than good over the long run, one analyst warns.
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I guess this news will have to hold us over until the individual companies make their announcements. AMD today announced PCI Express support from leading chipset manufacturers, offering performance-hungry
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Alliance Data Systems Corporation, the big credit card processor, warned that its proposed $6.4 billion buyout might unravel.
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It was a quarter where AMD shipped more product than ever in its history, with 68% more mobile processors headed for trucking than at this time last year, and graphics processors adding substantially to that mix. It regained a full eight points of gross margin over the prior quarter, and reaped 22.9% greater revenue over the third quarter of 2006. And yet it still posted a loss. What's going on?
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A few thoughts on the earnings warning.
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Dell chief executive Kevin Rollins on Monday gave the most direct indication yet that a deal with AMD may be on the way, dropping a strong hint that the news was a question of when, not if.
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(InfoWorld) - Advanced Micro Devices (AMD) will miss its revenue goal for the first quarter of 2007 because the chip maker grew so fast that it couldn't keep up with demand from its customers, company CEO Hector Ruiz said Monday. The company is unlikely to meet its estimated revenue target of $1.6 billion to $1.7 billion for the quarter, the company said. For the same period last year, AMD brought in $1.33 billion, or $780 million excluding revenue from its Spansion memory products unit, which AMD spun off in an IPO (initial public offering) in December 2005. Although the company has gained market share for 10 consecutive quarters -- principally from rival Intel -- that trend is both good news and bad news, Ruiz told an audience of financial investors at the Morgan Stanley Technology Conference in San Francisco. "We went from being a player whose majority of sales were in the distribution channel as opposed to OEMs, to one that has changed in a very short time to having a majority of sales going to OEM buyers," he said in a reference to original equipment manufacturers. That transition happened probably faster than we had planned. A larger number of OEMs wanted our products faster than we were prepared to meet, so we were not able to feed the channel." Despite AMD's success in gaining market share, even Ruiz admitted that it may be too late to retain some disgruntled customers. "A channel partner needs a commitment for a 30- to 60-day supply of products. I couldn't give it to them, so they decided to get it somewhere else. We let down our channel partners by not being able to support them as much as they needed us. We need to get our distribution business back on track." Ruiz was contrite about the "glitch," but promised the company would quickly spring back by increasing production, particularly of its "Barcelona" quad-core Opteron chip due out in the second half of 2007. The chip will compete against Intel's "Clovertown" quad-core Xeon chip, which launched at the end of 2006. AMD has been aggressive in boosting its market share in the processor industry to nearly 25 percent and by acquiring graphics chip maker ATI in 2006. But investors have begun to grow wary since the company has not yet been able to turn those moves into profits. AMD posted a loss of $574 million in its fourth quarter, ended Dec. 31, 2006.
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Still expects profits in Q3 '08 AMD says its chugging ever-closer to profitability. Perhaps it's right. The chip fabbing second-banana's losses shrunk in the fourth quarter of '07 â well, sort of.â¦
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With its new low-voltage Athlon 64 3000+ processor, &quot;AMD is essentially going up against the Centrino in the low-end processing market, where 64-bit technology is not that significant,&quot; says Illuminata analyst Gordon Haff.
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An analyst's buy-sell-hold recommendation is more -- and less -- than what you think.
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Make sure your investment's revenue stream is diversified -- or you could get hurt.
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Advanced Micro Devices Inc. , the No. 2 microprocessor maker, warned on Monday that it will likely miss its quarterly revenue target as it loses market share among computer resellers, a traditional bulwark of its business.
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Amid further delays of AMD&#39;s quad-core server chip and plans to write off goodwill from the acquisition of ATI, AMD executives are going to face tough questions when they meet financial analysts in New York Thursday.
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AMD has delayed general availability of some key products until early next year, when it projects the chips, along with other new processors, will return it to profitability.The biggest hit went to its quad-core microprocessor, code-named Barcelona, which it needs to compete against Intel among server vendors. The chips, along with AMD&#39;s desktop platform, Phenom, won&#39;t be generally available to customers until the first quarter of next year. The products were supposed to ship in volume by the end of this year, but&#160;a technical design error in the chips caused AMD to slow the schedule so it could apply a fix, said Dirk Meyer, the company&#39;s president and COO in a meeting with analysts on Thursday.The company&#39;s Puma platform, a set of chips aimed at laptop PCs, will also be delayed until the second quarter of next year, a costly miss considering the fact that the laptop PC market is growing at around 30 percent per year.AMD also reduced its planned spending on new production lines to $1.1 billion from a previous estimate of $1.7 billion and said all its business divisions wouldn&#39;t return to profitability until next year.The statements caused AMD&#39;s stock to fall as much as 5 percent during early trading on the New York Stock Exchange, before rebounding to down just 1.8 percent, at $8.81 in the afternoon. The market was still open as of this writing.AMD executives apologized for missteps, such as the delay in Barcelona.&quot;We blew it, we&#39;re very humbled by it, we learned from it, and we&#39;re not going to do it again,&quot; said Hector Ruiz, chairman and CEO of AMD. He said AMD would go back to its habit of under-promising and over-delivering.To start, the company will be on a path to break even financially by the second quarter of next year and return to profitability by the end of the third quarter, he said. The financial performance will be boosted by the launch of several new products in graphics, chipsets, digital TV processors, and more, not including the delayed products.The company forecast its processor shipments will rise at least 15 percent next year, while graphics processor shipment growth will be greater than 6 percent, digital TV processors more than 13 percent, and handheld chips up 8 percent.AMD&#39;s gross margin will rise to between 46 percent and 50 percent next year, up from 37 percent during the past four quarters, said Bob Rivet, chief financial officer of AMD.&quot;We&#8217;re in a massive product refresh. In 2007, we were living on some old stuff. 2008 is all new stuff, and we believe it will yield goodness,&quot; he said.
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A negative financial update from  Advanced Micro Devices Inc. late on Monday raised a potentially  ominous sign for semiconductor stocks ahead of Tuesday's  bellwether earnings report from Intel Corp.