AMD Cuts Sales Estimates
Jul. 03, 2002
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SUNNYVALE, Calif. (AP) _ Advanced Micro Devices Inc. lowered its second-quarter sales guidance to about $600 million from its June target of $620 million to $700 million.
The maker of Athlon and Duron PC processors on Wednesday cut its June guidance from an April sales target of $820 million to $900 million, due to weakness in the personal computer market.
On Tuesday, Merrill Lynch cut its forecast for growth within the personal-computer industry, sending shares of several chipmakers and other PC component suppliers lower.
In the second quarter of 2001, AMD earned $17.4 million, or 5 cents a share, on sales of $985 million.
The Sunnyvale, Calif.-based company said it will report second-quarter financial results on July 17.
Shares of Advanced Micro closed Tuesday on the New York Stock Exchange at $8.80, down 34 cents, or 3.7 percent on composite volume of about 4.4 million shares.