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Old 13th July 2005, 22:59   #1
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Default Advanced Micro posts lower profit

Last Update: 4:44 PM ET Jul 13, 2005

SAN FRANCISCO (MarketWatch) - Advanced Micro Devices Inc. late Wednesday reported a sharply lower profit for the quarter as eroding flash memory prices again undercut higher sales of chips used to power personal computers.

AMD reported second-quarter net income of $11 million, or 3 a share. That compares with net income of $32 million, or 9 cents a share, in the year-ago period. Sales were nearly unchanged at $1.26 billion.

The results, which beat Wall Street's expectations, snapped two straight quarters of losses. Analysts polled by Thomson First Call had forecast a loss of 5 cents.

AMD, a distant second to Intel Corp. in PC chip sales, has struggled to be profitable because of nagging price pressure in the market for memory chips used to store data in cell phones and DVD players.

But strong sales of microprocessors, the brains of the computer, helped AMD in the latest quarter. Sales of personal-computer chips rose 38% to $767 million. Operating income for the microprocessor business rose to $110 million from $58 million.

Its flash memory unit, called Spansion, reported sales of $462 million, down 31% from the year-ago quarter. Operating losses were $90 million. That compares to a profit of $45 million in the year-ago period. AMD filed initial public offering plans for Spansion in April to focus on chips for PCs and servers.

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