Fiscally-troubled semiconductor giant AMD has announced its latest quarterly results, and the figures make for painful reading - so much so, in fact, that it has announced a plan to spin off its assembly and test facilities to raise some much-needed cash.

That AMD is struggling at present is not news, of course: the company's market share relative to CPU rival Intel and GPU rival Nvidia has been slipping for some time, and coupled with the general slump in the global PC market the company is hurting. Its results for the third quarter of its 2015 financial year show no change: the company has reported a $197 million loss for the quarter, below even the most pessimistic projections and up on the $181 million it lost the quarter prior.

'AMD delivered double-digit percentage sequential revenue growth in both of our segments in the third quarter,' claimed Dr. Lisa Su, AMD president and chief executive, quietly ignoring the 26 per cent year-on-year decline in revenue. 'We continue to take targeted actions to improve long-term financial performance, build great products and simplify our business model. The formation of a joint venture of our back-end manufacturing assets is a significant step towards achieving these goals and strengthening our balance sheet.'

This latter plan sees AMD spin out its assembly and test facilities into a joint venture with Nantong Fujitsu Microelectronics, in which AMD will hold a mere 15 per cent share in exchange for a much-needed cash injection of $371 million. The spin-off is one of the last non-core business units AMD can afford to let go, having already spun off its manufacturing arm and even sold and leased back its corporate headquarters in previous years.

A big portion of this quarter's losses were blamed on an inventory write-down of $65 million, representing unsold older-generation accelerated processing unit (APU) products mouldering away in the company's warehouses. Some minor highlights from the report included a 12 per cent sequential growth in the company's Computing and Graphics segment and 13 per cent in the Enterprise, Embedded, and Semi-Custom segment - both figures of which have to be balanced against 46 per cent and two per cent year-on-year declines respectively.

For the next quarter, AMD isn't seeing any chance of recovery: the company's projections suggest a further 10 per cent sequential decline in revenue. AMD's share price dropped 0.51 per cent in after-hours trading on the news.
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