AMD (AMD): More Of The Same, Which Is Not Good

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AMD (AMD) had another dreadful quarter. It is a wonder that the NYSE even lets the company keep its membership card. The firm reported third quarter 2008 revenue from continuing operations of $1.776 billion, up 14% compared to last year.

AMD’s graphics product revenue did do well, moving up 55% sequentially from the second quarter.

Gross margins across the company were 51% compared with 52% in Q2 and 41% in Q3 last year.

AMD had operating income of $131 million compared to a loss of $181 in the same quarter last year.

Guidance was poor. AMD said revenue for Q4 will be flat with Q3.

Douglas A. McIntyre