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Advanced Micro Devices swings to loss in fiscal Q3

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Advanced Micro Devices swings to loss in fiscal Q3

Advanced Micro Devices, Inc. said its normalized net income for the fiscal third quarter ended Sept. 26 came to a loss of 12 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 12 cents per share.

The per-share result swung to a loss from the prior-year profit of 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $93.1 million, compared with income of $11.9 million in the prior-year period.

The normalized profit margin dropped to negative 8.8% from 0.8% in the year-earlier period.

Total revenue declined 25.8% on an annual basis to $1.06 billion from $1.43 billion, and total operating expenses decreased 14.3% year over year to $1.17 billion from $1.37 billion.

Reported net income totaled a loss of $196.3 million, or a loss of 25 cents per share, compared with income of $15.7 million, or 2 cents per share, in the prior-year period.