AMD today smacked investors with a sales warning.

The chip maker no longer expects to hit a first quarter revenue target between $1.6bn and $1.7bn. CEO Hector Ruiz will explain AMD's revenue miss at a financial analyst conference later today. Hopefully, he has already found a pound of flesh that can be spared.

AMD announced its sales woes in a news statement but provided precious little detail as to the cause for its forecast shift.

The company has been facing serious pricing pressure as a resurgent Intel has started to eat away at AMD's server and desktop processor sales.

Investors, having already watched AMD shares fall from $40 to $14 over the last year, knocked two per cent off AMD's share price this morning. AMD was trading at $13.92, at the time of this report. ®