AMD 3Q 2014 Misses Expectations; Will Cut 7% Of Workforce

Advanced Micro Devices, Inc. AMD reported 3Q 2014 earnings below expectations Thursday.  The company plans to cut 7 percent of its workforce.

Net income was $17 million or $0.02 per share, the average analyst estimate was $0.04 per share with $0.04 for the same period in 2013.

The company reported revenue of $1.43 billion, less than the average analyst estimate for revenue of $1.47 billion and below the $1.46 billion for the same period in 2013.

"AMD's third quarter financial performance reflects progress in diversifying our business," said Dr. Lisa Su, AMD president and CEO. "Our Enterprise, Embedded and Semi-Custom segment results were strong; however, performance in our Computing and Graphics segment was mixed based on challenging market conditions that require us to take further steps to evolve and strengthen the financial performance of this business. Our top priority is to deliver leadership technologies and products as we continue to transform AMD."

Advanced Micro Devices, Inc. traded at $2.50 in the after-market, down 5.30 percent.