Advanced Micro Devices (NYSE: AMD) is somehow managing to hang in there, despite waves of bad internal news. The number two processor company said its first quarter losses narrowed to $358 million, but its sales across all business segments were slower than the company had expected. Its EPS loss was -$0.59 (after a $0.08 charge) and revenues were up 22% to $1.51 Billion. Analysts were expecting -$0.51 EPS on $1.5 Billion in revenues. The gross margins were 42%, down from 44% the prior quarter and up from 28% in Q1-2007.
Shares have been acting as though the worse has been seen at the company as far as the stock is concerned, but many problems really persist. Its CTO walked out the door, and Hector Ruiz is still hanging on.
Shares closed up almost 2% at $6.19 today, and shares are up 1.4% at $6,.28 in after-hours. The 52-week trading range is $5.31 to $16.19.
Jon Ogg is a producer and editor of the Special Situation newsletter and the "10 Stocks Under $10" weekly newsletter for 247Wallst.com.
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