Chipmaker Advanced Micro Devices Inc. (NYSE:AMD) reported a decline quarterly earnings and revenue, citing softer desktop channel sales in China and Europe as well as a weaker consumer spending environment.
Following the announcement, the stock retreated 2.88 percent in extended trading on Thursday.
On a non-GAAP basis, earnings were $46 million or $0.06 per share for the second quarter, down from $70 million or $0.09 per share in the comparable period of last year. Revenue fell 10 percent to $1.41 billion.
GAAP earnings plunged 39 percent to $37 million.
Non-GAAP gross margin remained flat at 46 percent.
Looking ahead for the third quarter, the Sunnyvale, California-based company forecasts revenue to fall 1 percent, plus or minus 3 percent, from the second quarter.
The stock, which has been trading between $4.31 and $8.35 over the past year, closed Thursday's regular trading at $4.86.