SAN FRANCISCO (Reuters) – Advanced Micro Devices Inc reported better-than-expected first-quarter revenue as PC and server spending rebounded, but investors cashed out of a rally triggered by stellar Intel Corp results.
The company -- which had posted 12 consecutive quarters of losses until the previous quarter -- said on Thursday its second-quarter sales would be seasonally weaker, striking a muted tone in contrast with Intel's bullish comments on corporate spending bouncing back in 2010.
Shares of AMD, which in Thursday's regular session hit levels not seen since November 2007, slid 5 percent as investors sold out. The stock had added 8 percent since Intel's better-than-expected results.
"The stock was a little ahead of itself," said Broadpoint Amtech analyst Doug Freedman. He said the company's real earnings growth will come in the back half of the year.
http://news.yahoo.com/s/nm/20100416/tc_nm/us_amd;_ylt=ArdyisHYFf_Wm1q3oTfQKaojtBAF;_ylu=X3oDMTJiNjVrcjZjBGFzc2V0A25tLzIwMTAwNDE2L3VzX2FtZARwb3MDNQRzZWMDeW5fYXJ0aWNsZV9zdW1tYXJ5X2xpc3QEc2xrA2FtZHJldmVudWViZQ--
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