AMD lost $330 million net, or 49 cents a share, in the June quarter on revenues down 13% year-on-year and flat sequentially at $1.18 billion.

On a GAAP basis, Wall Street thought it would only lose 47 cents on $1.13 billion. It fooled them a little on revenues. This time last year, before AMD cut its manufacturing loose, it lost $1.2 billion, a nasty $1.97 per share.

Excluding items, AMD lost 62 cents compared to Wall Street's projection of 53 cents.

It said MPU sales were flat - notebook units declined - and ASPs were down apparently across-the-board, with competition at the bottom of the market, a situation it expects will change by the end of the year with some new introductions.

Any strength was in Asia as opposed to the Americas and Europe, a situation it expects to persist.

AMD figures to be shipping a "significant" percentage of 45nm chips this quarter, with the parts becoming dominant in Q4. But it's got 65nm in inventory it needs to move.

Graphics ASPs were also down while sales were slightly better.

The company expressed chagrin with its 37% gross margin, down from 43% in Q1. "While we increased cash, exceeded our revenue plan and reduced operating expenses in the second quarter, gross margin was disappointing," it said.

It figures new parts should bring it up in the second half. It's hoping to exit the year at 40%.

It also expects low-power six-core Istanbuls to see cloud adoption later this year when huge clouds are supposed to be deployed. Q3 will be the chip's first full quarter.

AMD's revenues were favorably impacted to the tune of $86 million, or 13 cents per share, by the sale of inventory written down in the fourth quarter. And its margin was up eight points from the sale of even more written-off inventory. Its non-GAAP gross margin was 27%.

AMD's operating loss was $249 million.

The company offered little in the way of guidance, saying only that end user demand seems to have stabilized and "considering current macroeconomic conditions, limited visibility and historical seasonal patterns" it expects revenue to be up slightly for the third quarter of 2009, with Q4 better than Q3.

Wall Street was expecting Q3 revenues of $1.21 billion.

The company's got $1.6 billion in the bank.

It is still hoping to break even in the second half.

It declined to discuss its legal bills. Its massive antitrust suit against Intel goes to trial in March.

Now called Global Foundries and under Abu Dhabi government ownership, AMD's old plants are supposed to sign their first non-AMD customer in the next 30 days. It'll be for logic, AMD said.

AMD's stock, up lately, fell 13% in after-hours trading to $3.55.