Chipmaker posts smaller quarterly loss on increased demand for cell phone memory chips.
October 16, 2003: 6:22 PM EDT
SAN FRANCISCO (Reuters) - Chip maker Advanced Micro Devices Inc. Thursday surpassed analyst expectations in posting a sharply narrower third-quarter net loss, based on increased demand for microprocessors and for flash-memory used in cell phones and other consumer devices.
The company posted a net loss of $31 million, or 9 cents a share, compared with a net loss of $254.2 million, or 74 cents a share, a year earlier.
Sales were $954 million, compared with $508.2 million a year ago, the Sunnyvale, Calif.-based company said.
Analysts, on average, expected the company to post sales of $866.9 million and a net loss of 36 cents a share, according to Reuters Research, a unit of Reuters Group PLC.
AMD had said it expected sales to rise from the $645 million in the second quarter.
Shares of AMD (AMD: Research, Estimates) rose to $14.85 in after-hours trading from $13.96.
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