SAN JOSE, Calif. (AP) -- Advanced Micro Devices Inc. reported a greater-than-expected loss in the first quarter as the chip maker continued to struggle amid a fierce price competition with larger rival Intel Corp.
AMD said Thursday it lost $611 million, or $1.11 per share, in the first three months of the year. That compares with a profit of $185 million, or 38 cents per share in the same quarter a year ago.
AMD announced it will sell $1.8 billion worth of convertible notes, giving buyers a 30-day option to buy up to an additional $400 million in notes to cover any over-allotments.
However news of the offering comes after Standard & Poor\'s downgraded AMD\'s credit rating Monday to "B," its fifth-highest junk rating, making the additional debt more expensive.
AMD shares fell 2.56% to $13.68 in after-hours trading.
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