NEW YORK (AP) — Shares of Advanced Micro Devices Inc. fell before Wednesday's opening bell after the chipmaker issued a revenue outlook for the current quarter that rattled investors. AMD expects its first-quarter revenue to fall 13 percent to 19 percent from the fourth quarter. That would translate into first-quarter revenue ranging from $1.29 billion to $1.38 billion . That's mostly below Wall Street's predictions. Analysts polled by FactSet expected first-quarter revenue of $1.36 billion . AMD had returned to a fourth-quarter profit, helped by the debuts of the latest PlayStation and Xbox video-game consoles. But like other chip makers, it has been hurt by a downturn in PC sales as more people buy smartphones and tablets instead. Pacific Crest Securities analyst Michael McConnell said the company "still has a long road ahead" despite its gains in video games. He has a "Sector Perform" rating on the stock. Still, AMD is disciplined in its spending, said Jefferies analyst Mark Lipacis. He has a "Buy" rating on the company's shares. In premarket trading, AMD shares 38 cents , or 9.1 percent, to $3.79 . The stock has risen 70 percent over the past 12 months.
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