The Sunnyvale, Calif.-based chip maker said it lost $416 million, or 66 cents a share, compared to a loss of $364 million, or 60 cents a share, a year earlier. While bad, the loss was not as bad as feared. The loss would have been 62 cents a share without one-time charges. Analysts had expected 66 cents, according to Thomson Reuters.
Revenue was $1.18 billion, down 21 percent from $1.5 billion a year earlier. But it was better than the expected $978 million that analysts projected.
Still, AMD managed to split itself in two and spin off its Globalfoundries manufacturing division. That prompted a lawsuit by Intel, which argued that Globalfoundries shouldn’t have the right to make Intel-compatible chips under a cross-license agreement with AMD.
Dirk Meyer, chief executive, said that the spinoff has made AMD more nimble. But the company said that, given limited visibility and seasonal patterns, the company expects revenue to be down in the second quarter. The company did not echo Intel’s more optimistic statements that the recession had hit bottom in the PC industry.