AMD is losing less money than a year ago, but its shares are skidding after its Q1 results

Shares of Advanced Micro Devices plunged roughly 8% in after hours trading on Monday after the chipmaker reported its Q1 financial results.

AMD reported a smaller quarterly loss on Monday, fueled by demand for its latest Ryzen processors and its graphics chips.

The company's net loss narrowed to $73 million, or 8 cents per share, in the first quarter ended April 1, from $109 million, or 14 cents per share, a year earlier.

Revenue rose 18.3 percent to $984 million, roughly in line with the $984.4 million expected by Wall Street analysts.

AMD is looking to re-establish itself as a viable competitor in the global semiconductor market through its Ryzen processors, targeting the personal computer market, and its Radeon and FirePro graphics processors.

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