Another day, and AMD inches even closer to irrelevance.
Just one day after the company posted pretty terrible quarterly earnings (“Net loss $157 million, loss per share $0.21, operating loss $131 million"), followed by a 16 percent drop in the company's stock price and job cuts of 1,800 (15 percent of its global workforce), two financial analysts have now downgraded the company. It certainly doesn’t help things that the company’s CFO resigned abruptly last month, either.
In a financial analysis report released Friday, Bernstein Research‘s Stacy Rasgon wrote:
“Our last tiny bit of conviction is, at long last, depleted,” adding, “We have no further confidence that any aspect of our prior structural thesis (margin accretion, cash flow, and balance sheet deleveraging) will play out in the foreseeable future.”
The kicker? “Frankly, the most common adjective that comes up when we discuss the company with clients is, simply, ‘un-investable.’"
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