AMD (AMD) barely beat Wall Street's dramatically lowered expectations for its second-quarter earnings and gave a grim outlook for the current quarter.
Chief executive Jerry Sanders said Thursday he believed, however, that business will pick up significantly in 2002.
Investors weren't convinced, sending shares down $1.65, or 7 percent, to $21.05 in early trading on the Nasdaq Stock Market.
In the last quarter, AMD had a net profit of $17.4 million, or 5 cents a share, 92 percent lower than the earnings of $207.1 million, or 60 cents a share, in the comparable period of 2000. Sales slipped 16 percent, to $985 million from $1.17 billion.
Analysts surveyed by Thomson Financial/First Call were expecting AMD to earn 4 cents a share this quarter.
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Another one down: HomeRuns.com suspended operations in Boston and Washington, saying it had been unable to raise enough capital.
The company, which delivered groceries ordered online, posted a message on its website saying all orders would be cancelled and customers would not be charged.
According to a recent Boston Globe article, HomeRuns.com had $30 million in sales last year. A spokeswoman refused to say how many customers the company has, or how many employees will lose their jobs.
Reuters and AP contributed to this report.
