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Advanced Micro Devices swings to loss in fiscal Q1

Advanced Micro Devices, Inc. said its normalized net income for the fiscal first quarter ended March 28 came to a loss of $56.3 million, compared with income of $6.9 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 5.5% from 0.5% in the year-earlier period.

Total revenue declined 26.3% year over year to $1.03 billion from $1.40 billion, and total operating expenses fell 19.0% on an annual basis to $1.08 billion from $1.33 billion.

Reported net income totaled a loss of $178.7 million, or a loss of 23 cents per share, compared with a loss of $22.8 million, or a loss of 3 cents per share, in the year-earlier period.