Read became the company's CEO in August last year and put in place a new management team to handle the company's operations. The company has restructured its chip road map and manufacturing operations, but demand for the company's products remained weak across the board. AMD recorded a loss and saw its revenue decline in the third fiscal quarter.

AMD's revenue was $1.27 billion for the third quarter, dropping from the $1.69 billion reported in the third quarter last year. Analysts polled by Thomson Reuters expected revenue of $1.29 billion. AMD last week cut its sales forecast for the third quarter.

The company reported a loss of $157 million, or $0.21 per share. That compared with net income of $97 million, or $0.13 per share, in last year's third quarter.

On a non-GAAP basis, excluding certain items, AMD had a $150 million loss, versus a $110 million profit a year earlier. The company's loss per share was $0.20 on a non-GAAP basis. Analysts had estimated a $0.15 net loss per share.

Revenue from the company's products fell across the board due to weak demand and lower selling prices. Revenue for Computing Solutions, which deals in chips, fell 28 percent year over year. Revenue for the Graphics unit, which deals in graphics cards and boards, declined by 15 percent year over year.