Posted under Startups
from 1803 days ago

Advanced Micro Devices chief executive Rory Read said that the chip maker’s second-quarter financial results were a “disappointment” and meant that the company did not meet its commitments that he pledged when he joined the company last August.

Read made the statements in a conference call with analysts after the company reported earnings. AMD still generated a profit of $37 million in the quarter and its graphics chip business performed seasonally well. But revenues were down 11 percent to $1.41 billion compared with a year ago.  AMD is the second-largest supplier of PC microprocessors, behind Intel.

Read pledged the company has not changed its priorities and would “move forward confidently” and take steps to “transform our business.”

Read said, “After a reasonable start, we saw business velocity slow in the latter part of the quarter, driving this revenue miss.”

Desktop microprocessor sales in China and Europe were particularly ...


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