Semiconductor company Advanced Micro Devices, Inc. (NASDAQ: AMD) reported a sharp fall in adjusted profit for the first quarter of 2023, hurt by a 9% decline in revenues.
Earnings, excluding special items, dropped to $0.60 per share in the most recent quarter from $1.13 per share in the first quarter of 2022. On a reported basis, it was a net loss of $139 million or $0.09 per share, compared to net income of $786 million or $0.56 per share in the prior-year period.
First-quarter revenues declined to $5.35 billion from $5.89 billion in the corresponding period of last year.
“Longer-term, we see significant growth opportunities as we successfully deliver our roadmaps, execute our strategic data center and embedded priorities and accelerate adoption of our AI portfolio,” said AMD’s CEO Lisa Su.