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What: Shares of Advanced Micro Devices (NYSE: AMD) have shrunk by as much as 14% today after the company reported second quarter results along with soft guidance.

So what: Revenue fell 10% from last year to $1.4 billion, resulting in net income of just $37 million, or $0.05 per share. CEO Rory Read cited overall macro weakness, soft consumer demand, and lower demand internationally for the tough quarter.

Now what: Read also said the company was taking definitive steps to boost performance and fix problems, but that next quarter is also expected to be challenging. AMD expects next quarter’s revenues to fall by 1% sequentially, plus or minus 3%. The figures show that chip giant Intel is chipping away at AMD’s already smaller market share in both PCs and servers.

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Fool contributor Evan Niuholds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Intel. Motley Fool newsletter services have recommended buying shares of Intel. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.