AMD, Yahoo! and Seagate
AMD will have to wait yet another quarter to post a profit after is reported its 11th consecutive quarterly loss.
The, now fabless, chip company actually managed slightly higher revenue than expected of $1.184 billion, but this still led to a loss of $330 million, which would have been even worse were it not for the sales of $86 million of inventory that had already been written-down.
"While we increased cash, exceeded our revenue plan and reduced operating expenses in the second quarter, gross margin was disappointing," said Dirk Meyer, AMD president and CEO. "New platform, microprocessor and graphics introductions planned for the second half of 2009 position us well to improve margins and meet our financial goals for the year."
AMD forecast revenue to be slightly up for the next quarter, which doesn't make its first profit for three years seem likely. AMD shares were down 11 percent in pre-market trading.
Elsewhere, Yahoo! reported earnings more or less in line with expectations, but still saw its stock fall by over three percent in the pre-market. Hard drive giant Seagate posted an $81 million loss but managed better than expected revenue of $2.35 billion and saw its share jump by four percent after the market closed.
