SUNNYVALE, Calif. (AP) - Chip maker Advanced Micro Devices Inc. lowered its second-quarter forecast on Monday, blaming weaker-than-expected sales in China and Europe and lackluster demand overall from consumers.
AMD said it expects revenue to fall by 11 percent from the previous quarter, below its earlier forecast of a 3 percent decline. Analysts polled by FactSet as of July 6, expect AMD to post revenue of $1.63 billion, a nearly 3 percent increase from last quarter's revenue of $1.59 billion.
The Sunnyvale, Calif. company's stock fell 32 cents, or 5.7 percent, to $5.30 in after-hours trading. It had closed down 13 cents at $5.62.
AMD is scheduled to report its quarterly financial results on July 19.
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