Advanced Micro Repeats Forecast
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Advanced Micro Devices Inc., Intel Corp.’s biggest rival in personal-computer processors, repeated its forecast that fourth-quarter sales will be unchanged or rise at a percentage in the high single digits.
However, price competition in the market for flash-memory chips and a seasonal drop in PC processor sales in the first quarter will delay the company’s return to profitability until the second quarter, the company state. Analysts surveyed by Thomson Financial/First Call don’t expect the company to have a profit until the fourth quarter of 2002.
Semiconductor sales slid this year, as demand plunged for the PCs, cell phones and electronic products that run on chips. Sunnyvale, Calif.-based Advanced Micro and others are closing older plants, cutting jobs and trimming costs to cope with the slowdown. Analysts predict an industrywide revenue drop of 31% this year, the worst decline in history.
Advanced Micro shares fell $1.12 to $12.40 on the NYSE.
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