The Santa Clara, California-based company reported a net loss of 1.4 billion dollars for the fourth quarter of the year, a slight improvement from the net loss of 1.8 billion dollars for the corresponding quarter a year ago.

Revenue was 1.16 billion dollars in the fourth quarter, down 33 percent from the fourth quarter of 2007, it said.

For the fiscal year ending December 27, AMD reported a net loss of 3.1 billion dollars on revenue of 5.81 billion dollars compared with a net loss of 3.4 billion dollars on revenue of 5.86 billion dollars in 2007.

"Although industry visibility is poor, our priorities remain clear and achievable," AMD president and chief executive Dirk Meyer said in a statement.

"We remain focused on further reducing our break-even point through targeted restructuring actions while ensuring we execute our highly-competitive product and technology roadmaps.

"We expect our ongoing restructuring actions and asset smart strategy, combined with the strength of our innovative product offerings, will leave us well positioned for a global market recovery," he added.

Meyer said that AMD expects a joint venture, The Foundry Company, with capital from two Abu Dhabi investment firms to go ahead in February.

The venture is with the Advanced Technology Investment Company (ATIC), a firm owned by the government of Abu Dhabi. ATIC will own a 55.6 percent share of the venture.

Another Abu Dhabi investment firm, the Mubadala Development Co., will increase its investment in AMD to 19.3 percent from the current 8.1 percent through the purchase of shares and warrants worth 314 million dollars.

AMD, which has been losing money and falling behind market leader Intel Corp., has said the move would result in one company that designs semiconductors and another that builds them.

The company did not release an outlook for the upcoming year but said that "in light of the current macroeconomic conditions," it expected first quarter revenue to decrease from the previous quarter.

AMD last week said it will cut 1,100 jobs, or nine percent of its global workforce, and trim salaries to "navigate the turbulent economic conditions."

Intel announced plans on Wednesday to close facilities in Malaysia, the Philippines and the United States, a move that could affect up to 6,000 employees worldwide.

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