SAN FRANCISCO (AP) -- The past few years have been disastrous for Advanced Micro Devices Inc., but the chip maker hopes to curry favor with Wall Street with a new line of server chips and a deal to spin off its factories.
The Sunnyvale, Calif.-based company plans to give financial analysts more details of both efforts Thursday at a conference at its Silicon Valley headquarters. AMD has been out of favor with investors for nearly three years now, with a stock price that's fallen from above $40 per share in early 2006 to under $5 today.
Analysts will likely press AMD's new CEO Dirk Meyer and Robert Rivet, the company's acting chief financial officer, about details about AMD's exposure to the weakening economy. Rival Intel Corp. slashed its fourth-quarter guidance Wednesday because of a slowdown in demand for its chips.
AMD has lost $5.6 billion over the last eight quarters and is undergoing a major restructuring.
AMD changed CEOs this year and announced plans to spin off its manufacturing operations. A total of 2,100 workers have been laid off.