Advanced Micro Devices (AMD) Posts Q1 Loss of 9c/Share; Issues Q2 Revenue Growth Outlook

Advanced Micro Devices (NASDAQ: AMD) reported Q1 EPS of ($0.09), $0.04 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $1.03 billion versus the consensus estimate of $1.05 billion.

Other Corporate Events

• As a part of the strategy to simplify and sharpen the company's investment focus, AMD is exiting the dense server systems business, formerly SeaMicro, effective immediately.
  • AMD recorded $75 million of special charges in Q1 2015 primarily related to impairment of previously acquired intangible assets.
• AMD entered into a fifth amendment to our Wafer Supply Agreement with GLOBALFOUNDRIES. AMD expects to purchase approximately $1 billion in wafers in 2015, in line with the company's current market expectations.

Current Outlook AMD's outlook statements are based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under "Cautionary Statement" below.

For Q2 2015, AMD expects revenue to decrease 3 percent, plus or minus 3 percent, sequentially.

(NOTE: That would amount to Q2 revenue of $1.0 to $1.03 billion, while the consensus is at $1.13 billion.)

For earnings history and earnings-related data on Advanced Micro Devices (AMD) click here.

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