AMD reports a sixth straight quarterly loss.
AMD reported a loss of $358 million on revenues of $1.5 billion for Q1 08. This is better than the $1.7 billion loss that AMD reported during Q4 07.
AMD has reported losses for six straight quarters, since Q3 06. Over the six quarters AMD has lost a staggering $4.3 billion.
A statement by Robert J. Rivet, AMD's chief financial officer, says everything I expected it to say ... a "challenging" economic environment and low revenues from older product lines:
"A seasonally weak first quarter was amplified by a challenging economic environment for consumers and lower than expected revenues of previous generation products, resulting in lower than expected revenues in all business segments. However, we are encouraged by the market acceptance of our quad-core AMD Opteron server processors as well as our new chipset and graphics offerings."
However, AMD still believes it can turn things around by the end of the year:
"We remain committed to achieve operating profitability in the second half of the year, driven by our portfolio of new products and platforms and aggressive restructuring programs."
I sure hope so.
Press release here.