AMD (AMD) rallied like a house afire, closing the regular session at $14.28. up 2.7% on over 50 million shares, about double its normal volume.
AMD reported revenue of $1.233 billion and a GAAP loss of $504 million. In the quarter a year ago, revenue was $1.33 billion and the company had a profit of $259 million.
Gross margins fell to an unbelieveable 31%. In the same quarter a year ago, they were 59%. In Q4 06, 40%.
The company expects the next quarter to be flat.
The company’s cash dropped to $1.167 billion from $1.541 billion at the end of last year. Receiveables dropped from $1.14 billion to $667 million. Never a good sign.
Advanced Micro Devices was expected to report a loss of 48 cents per share for the first quarter. Analysts on average, expect AMD to report a 5 percent sales decline to $1.26 billion
The company this month forecast sales of $1.22 billion after last month saying it was unlikely to meet its previous target for sales of $1.6 billion to $1.7 billion.
Douglas A. McIntyre
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