Chipmaker AMD's revenue tops estimates, forecast misses
By Noel Randewich | January 23, 2013 9:00 AM EST
Chipmaker Advanced Micro Devices' quarterly revenue topped estimates but its forecast for the current quarter fell short as it struggles with falling PC sales and consumers' growing preferences for smartphones and tablets.
Microsoft Corp's long-awaited launch of Windows 8 in October brought touch screen features to laptops but failed to spark a resurgence in sales that AMD, Intel and many PC manufacturers had hoped for.
AMD posted fourth-quarter revenue of $1.16 billion, compared to $1.69 billion in the year-ago quarter.
In its report on Tuesday, AMD estimated revenue in the current first quarter would fall 9 percent from the fourth quarter, plus or minus 3 percent. The mid-point of AMD's revenue forecast is about $1.056 billion.
Analysts had expected $1.149 billion in revenue for the December quarter and $1.108 billion in revenue for the current quarter, according to Thomson Reuters I/B/E/S.
AMD had a net loss of $473 million, or 63 cents a share, compared to a net loss of $177 million, or 24 cents a share, in the same quarter the year before.
Shares of AMD rose 2.45 percent in extended trade after closing down 0.41 percent at $2.45.
(Reporting by Noel Randewich; Editing by Phil Berlowitz)