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Advanced Micro Devices swings to loss in fiscal Q2

Advanced Micro Devices, Inc. said its normalized net income for the fiscal second quarter ended June 27 amounted to a loss of 14 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 17 cents per share.

The per-share result swung to a loss from the prior-year profit of 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $112.5 million, compared with income of $10.6 million in the prior-year period.

The normalized profit margin dropped to negative 11.9% from 0.7% in the year-earlier period.

Total revenue decreased 34.6% on an annual basis to $942.0 million from $1.44 billion, and total operating expenses fell 21.7% from the prior-year period to $1.08 billion from $1.38 billion.

Reported net income totaled a loss of $178.9 million, or a loss of 23 cents per share, compared with a loss of $38.2 million, or a loss of 5 cents per share, in the prior-year period.