AMD reported troubling second quarter earnings after the bell Thursday.
The chipmaker reported a loss of $180 million, or a loss of 23 cents per share. Revenue landed at $1.03 billion, down 26 percent on the year-ago quarter (statement).
Non-GAAP earnings were a loss of 9 cents per share.
Wall Street was expecting a loss of 5 cents per share on revenue on $1.05 billion.
AMD chief executive Lisa Su was surprisingly upbeat despite the lower-than-expected results, looking at the future rather than dwelling too much on the past.
"Building great products, driving deeper customer relationships and simplifying our business remain the right long-term steps to strengthen AMD and improve our financial performance," Su said.
She added: "Under the backdrop of a challenging PC environment, we are focused on improving our near-term financial results and delivering a stronger second half of the year based on completing our work to rebalance channel inventories and shipping strong new products."
The chipmaker had $906 million in cash and equivalents, down from $134 million during the three-month period.
AMD's performance by department varied, but both fared badly:
AMD closed up 6.3 percent at market close. In after-hours trading, its shares dropped by more than 9 percent.