Advanced Micro Devices, Inc (NYSE:AMD) estimates sales in the fourth-quarter will miss analysts’ forecasts and reported that it will lower 15% of its workers.
Advanced Micro Devices, the second biggest manufacturer of processors for personal computers, reported in a statement on Friday that revenue will plunge 9%, plus or minus 4%, in the present three months period from the similar period previous year. That shows sales as low as $1.1 billion, evaluated against a median analyst forecast of $1.31 billion, as shown in the Bloomberg gathered data.
Company’s guidance adds to evidence that personal computer makers and their suppliers are being battered by a weak economy and a shift in consumer spending to tablets and smart phones.
AMD reported that its Q3 net loss was $157 million or 21 cents per share, evaluated against net income of $97 million or 13 cents per share in previous year.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Saga Communications, Inc. (AMEX:SGA) fell -0.23% to settle at $37.54, Radio One, Inc. (NASDAQ:ROIAK) moved up +8.93% to end at $1.22 while Salem Communications Corp. (NASDAQ:SALM) jumped +3.36% to finish at $5.54 on Friday.
Advanced Micro Devices, Inc. (NYSE:AMD) last session’s volume of 110.07 million shares was higher than its average volume of 33.46 million shares. The stock after opening at $2.54 hit high price of $2.62 and then closed at $2.18 by scoring -16.79%.
AMD generated revenue of $6.38 billion in the previous twelve months and earned -$629.00 million. The Company showed a negative -9.86% in the net profit margin as well as in its operating margin which remained at -4.61%. Company’s annual sales growth for the past five years was 3.14%.
The AMD’s past twelve months’ price to sales ratio was 0.24 and price to cash ratio remained 0.98. As far as the returns are concerned, AMD’s return on equity was recorded as -45.61% and return on investment decreased -19.06% while its return on asset stayed at -12.26%.
The stock showed weekly downbeat performance of -20.44% which was maintained for the month at -39.28%. Likewise the positive performance for the quarter was recorded as -47.47% and for the year was -51.98% while the YTD performance remained at -59.63%.
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