AMD Sinks After Early Peek at Revenue Shows Steep Shortfall
- Chipmaker joins peers in citing steep drop in computer sales
- Company’s shares fall in after-hours trading following report
Advanced Micro Devices headquarters in Santa Clara, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Advanced Micro Devices Inc.’s preliminary third-quarter sales missed projections by more than $1 billion, adding to concerns about the sputtering market for personal-computer chips and sending its shares sliding in late trading.
Revenue in the period was about $5.6 billion, the company said Thursday in a statement, giving an early peek at numbers that were expected in the coming weeks. The average analyst estimate -- and the company’s own forecast -- had been about $6.7 billion.