With its chip sales suffering from the slumping demand for personal computers, Advanced Micro Devices on Tuesday reported sales for the 4th quarter and year that met or exceeded analysts’ forecast. But the Sunnyvale company sank deeper into the red.
AMD said its sales totaled $1.16 billion for the quarter and $5.4 billion for the year. While that represented year-over-year drops of 32 percent and 17 percent, respectively, it met what analysts had expected for the year and was slightly better than their prediction of $1.15 billion for the quarter.
But the company lost $473 million for the quarter, compared with a loss of $177 million for the same period a year ago. For the year, it lost nearly $1.2 billion, while earning a $491 million profit during 2011.
“We made progress in the fourth quarter,” CEO Rory Read told analysts, noting that the company is moving away from being so dependent on the PC business. “However, our full year results fell short of our expectations as the challenging macro environment resulted in a weaker than expected PC market.”