Shares of Advanced Micro Devices Inc. slumped Friday after the California semiconductor maker reported higher first-quarter losses.
AMD (Nasdaq: AMD), which operates a major facility in Austin, posted a first-quarter loss of $180 million, or 23 cents per share, on revenue of $1.03 billion, compared with a loss of $20 million, or 3 cents per share, on revenue of $1.4 billion during the same period last year, according to a Thursday filing with the U.S. Securities and Exchange Commission posted after the markets had closed that day.
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In early trading Friday, amid a rough day on the markets due to concerns over the European economy, AMD shares were down 41 cents, or 14 percent, to $2.47.
On a non-GAAP basis, AMD posted a net loss of $73 million, or 9 cents per share, compared with analyst projections of 1 cent per share.
“Under the backdrop of a weaker than expected PC market, our first-quarter results demonstrate that we continue making progress in some areas of our business,” CEO Lisa Su said in a written statement, “but still have work to do to improve our overall financial performance.”
AMD, which was founded in 1969, employed more than 10,100 workers, including 1,900 in Austin until an undisclosed number of layoffs earlier this year. The company also disclosed that three senior executives in Austin departed AMD after declining revenue and the hiring of a new CEO in late 2014.
In 2014, AMD posted a loss of $403 million, or 53 cents per share, on revenue of $5.51 billion versus a loss of $83 million, or 11 cents per share, on revenue of $5.3 billion during 2013