AMD shares down 6% after missing estimates

AMD, the manufacturer of microprocessors, told investors that third quarter adjusted earnings per share came in at just 3 cents on sales of $1.43bn.

That was less than the 4 cents on revenues of $1.47bn which the analyst consensus had been forecasting.

Furthermore, the firm announced its intention to lay-off 7% of its global workforce by the end of the fourth quarter.

As of 21:36 the shares were moving lower by 5.68% to $2.49.