AMD Down More Than 15% Following Quarterly Report
Shares of Advanced Micro Devices (NYSE: AMD) are down more than 15 percent in extended hours trading on disappointing guidance.
Second quarter revenue slightly beat the analyst estimate at $1.44 billion versus $1.43 billion. Sales are up 24.1 percent year over year. The earnings release highlighted 141 percent year over year graphics and visual solution segment growth.
Earnings were inline with Wall Street’s estimates at $0.02 per share. The earnings figure compares to a $0.18 loss per share in 2013.
Looking forward, AMD says it expects third quarter sales to range from a one percent drop to a five percent gain. The company expects to be profitable on an adjusted basis for the 2014 fiscal year. Bloomberg reported that the company expects gross margins around 35 percent.
Shares of AMD were last trading at $3.87, 15.3 percent lower than Thursday’s close.
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