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Posted on 10/02/2002 2:15:23 PM PDT by HAL9000
SUNNYVALE, Calif. (Reuters) - Advanced Micro Devices Inc. on Wednesday warned of a "substantial operating loss" and sharply lower-than-expected revenue in the third quarter, citing a weak personal computer market.The company, based in Sunnyvale, California, which is Intel Corp.'s principal rival in the market for microprocessors, said that it now expects revenue for the third quarter ended Sept. 29 of about $500 million.
Analysts had been expecting third-quarter revenue of $614 million and a per-share loss of 49 cents, according to Thomson First Call.
AMD said that, in light of the persistent weak demand for PCs, it had cut inventories of its processors in the PC supply chain. That action, AMD said, significantly hurt processor sales in terms of units, revenue and average selling prices.
In July, AMD said it expected third-quarter revenue to "improve modestly" from the $600 million in revenue it had in the second quarter.
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