Semiconductor manufacturer Advanced Micro Devices, Inc. (NYSE:AMD) released its second quarter earnings after the close on Thursday, July 17th, and investors are apparently not very excited about the firm’s future prospects. AMD shares are trading down 81 cents at $3.77 as of 11:35 AM ET today. That represents a decline of over 17%.

Advanced Micro Devices AMD

Second quarter earnings details

Advanced Micro Devices, Inc. (NYSE:AMD) reported $0.02 EPS for the second quarter, matching the consensus analysts estimate of $0.02. The company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.44 billion. In the second quarter of 2013, AMD posted -$0.09 EPS. The company’s revenue for 2Q increased by 24.1% year-over-year. The analyst consensus is that the firm will manage to produce $0.19 in EPS for fiscal 2014.

Analyst ratings for Advanced Micro Devices

Advanced Micro Devices, Inc. (NYSE:AMD) was downgraded by analysts at FBR Capital Markets from an “outperform” rating to a “market perform” rating in a research report in a report released today.

Several other analysts have also recently issued reports on AMD. Zacks upgraded shares of the firm from a “neutral” to an “outperform” rating in a report published on Wednesday, July 9th. The analysts also placed a $5.00 price target on the stock.

Pacific Crest downgraded Advanced Micro Devices shares from a “sector perform” rating to an “underperform” rating almost a month ago June 23rd.

Analysts at Argus Research decided to move AMD shares to a “hold” rating in a report published back on June 16th. Six analysts currently rate the firm Sell, 10 currently put a Hold rating on the stock, and seven others call the stock a Buy. Advanced Micro Devices, Inc. (NYSE:AMD) has a consensus analyst rating of “Hold” and an average price target of $4.73.

Short interest

AMD saw a major increase in short interest in June. As of the end of June, short interest totaled 111,697,555 shares, up a solid 2.5% from the June 13th total of 108,959,521 shares. Given the average daily volume of 24,851,459 shares, the days-to-cover ratio for the company stands at 4.5 days. Around 18.1% of the shares of the company are short sold as of the end of last month.