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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (3613)	10/16/2002 7:48:57 PM
From: Proud_Infidel	Respond to of 25522

AMD's Q3 sales falls 15% amid large loss Semiconductor Business News (10/16/02 04:44 p.m. EST) SUNNYVALE, Calif.--Hit hard by a slowdown in PCs, Advanced Micro Devices Inc. today reported sales of $508.2 million for the third quarter of 2002, down 34% from $765.9 million in the third quarter of 2001 and by 15% from $600.3 million in the previous period. The Sunnyvale-based company also reported a net loss of $254.2 million, or minus $0.74 a share, compared to a loss of $97.4 million, or minus $0.28, a year ago. In the previous quarter, it reported a loss of $184.9 million, or minus $0.54 a share. "The sequential decline in third quarter sales was primarily due to the aggressive actions we took in the PC supply chain to align our product mix with current customer and end-user demand which has been less than we forecasted," said Robert J. Rivet, AMD's chief financial officer, in a statement. The company also dropped hints about future cost-cutting actions. "We are accelerating our strategy to reset our business model and lower our corporate breakeven point. We will begin to implement additional and aggressive actions in the fourth quarter that are expected to significantly reduce our quarterly breakeven point beginning in the first quarter of 2003," he said. AMD had PC processor sales of $262 million for the quarter, down 31% from the $380 million reported in the second quarter of 2002. This decline was driven by a drop in both units and dollars of microprocessors for desktop applications. AMD had memory sales of $189 million, up 8% from the $175 million in the second quarter of 2002.