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AMD expected to report large fourth-quarter loss

Posted on Friday, January 16 2009 @ 00:05:35 CET by

Analysts polled by FactSet Research expect AMD will report another big loss when it reports its fourth quarter financial results next week. The analysts estimate AMD will report a loss of 54 cents a share, or roughly $328.6 million, on a revenue of $1.24 billion.

These expectations are a far cry from the return to profitability in the second half of 2008 former AMD CEO Hector Ruiz promised in 2007, but the company has had a really hard time and the economic crisis hasn't done it any good either.
"We don't expect a recovery in microprocessor demand near-term, resulting in a 24% decline in AMD's 2009 revenue and March period sales falling short of consensus," analyst John Dryden of Charter Equity Research wrote in a research note.

The Sunnyvale, Calif.-based company is struggling with broader economic issues as it goes through a major transformation, highlighted by the plan to spin off its manufacturing facilities in a strategy dubbed "asset light."

AMD is in the process of creating a new manufacturing firm, called the Foundry Company, in a joint venture with the Advanced Technology Investment Co. of Abu Dhabi and the Mubadala Development Co. Analysts say the plan could help ease AMD's financial burdens.

"The asset-light restructuring can't come soon enough to improve the balance sheet (debt reduction, cash infusion), reduce headcount to support lower PC demand and provide a return to operating profitability in 2010," Dryden said. "We believe market conditions have sufficiently deteriorated since the company's analyst meeting in November."
Source: MarketWatch



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