Advanced Micro Devices Cuts Sales Forecast on PC Weakness
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Advanced Micro Devices Inc., the second-largest maker of processors for personal computers, cut its third-quarter revenue forecast, citing weak demand across all product lines in a challenging economic environment.
Revenue will drop approximately 10 percent from the prior period, more than the decline of about 1 percent that AMD had previously projected, the Sunnyvale, California-based company said yesterday in a statement. The new forecast indicates sales of about $1.27 billion. Analysts predicted $1.38 billion, the average of estimates compiled by Bloomberg. The stock slumped.