AMD Reports $358 Million Q1 Loss

AMD posted its sixth consecutive quarterly loss on Thursday of $358 million, or 59 cents a share, for Q1.

Advanced Micro Devices Inc posted its sixth consecutive quarterly loss as the chip maker continued to lose market share to rival Intel Corp.

AMD shares ticked higher than expected in extended trading as the company said it was in line with normal seasonal trends for second quarter.

"The stock is up due to a bit of relief that things weren't worse," said CRT Capital Group analyst Ashok Kumar.

AMD, which lost market share to Intel last year as its chip-making technology lagged that of its larger rival, said its first-quarter net loss actually narrowed to $358 million, or 59 cents a share, from $611.0 million, or $1.11 a share, a year ago.

Revenue advanced 22 percent to $1.51 billion from $1.23 billion.

AMD's adjusted loss per share was 51 cents, compared with analysts' average expectation of a loss of 47 cents, according to Reuters Estimates. Revenue was pegged at $1.50 billion.

The poor results came even as Intel and other high-tech companies like International Business Machines Corp have to date posted positive earnings for the first quarter.