Advanced Micro Devices narrowed its net loss during the second quarter of 2009 as it slowly inched its way toward profitability after consecutive quarterly losses, the company said Tuesday.
AMD reported a net loss of US$330 million, or $0.49 per share, during the quarter that ended on June 27. That compares to a net loss of $1.195 billion a year ago and a net loss of $416 million in the first quarter of 2009.
Financial analysts polled by Thomson Reuters expected a net loss of $0.47 per share.
In an effort to reach profitability, AMD in the first quarter spun off its manufacturing assets into a separate company called GlobalFoundries, which unloaded close to $1.1 billion in debt from AMD's books. GlobalFoundries is a joint venture with investment firm Advanced Technology Investment Company, which is owned by the Abu Dhabi government.
The company reported revenue for the second quarter of 2009 of $1.184 billion, which decreased 13 percent compared to the second quarter of 2008 and was flat compared to $1.177 billion during the first quarter of 2009. Revenue beat analyst expectations of $1.13 billion.
AMD successfully met its product plans during the first half of the year and hopes to release new products as it moves toward profitability, said CEO Dirk Meyer in a statement. He specifically mentioned new platform, microprocessor and graphics products that the company plans to release in the second half of the year.