Semiconductor company AMD has announced its financial results for Q3 2015 and the report will be hard to read for anyone associated with the firm.
It has reported a massive quarterly loss of $197 million (£127 million), comfortably out-doing the previous quarter loss of $181 million (£117 million) and surpassing even the most pessimistic predictions.
The loss is mainly down to losing market share to its main rivals in both the CPU (to Intel) and GPU (to Nvidia) markets and has resulted in AMD deciding to spin off its assembly and test facilities into a joint venture with Nantong Fujitsu Microelectronics in an effort to raise some much needed funds.
In the deal, AMD will hold just a 15 per cent share in exchange for a $371 million (£240 million) cash injection.
Dr. Lisa Su, AMD president and chief executive said: "AMD delivered double-digit percentage sequential revenue growth in both of our segments in the third quarter. We continue to take targeted actions to improve long-term financial performance, build great products and simplify our business model. The formation of a joint venture of our back-end manufacturing assets is a significant step towards achieving these goals and strengthening our balance sheet."
There was, however, some good news in the report, such as 12 per cent and 13 per cent growths in the company's Computing and Graphics and Enterprise, Embedded and Semi-Customer segments respectively.
AMD's share price has dropped half a percent since the release of the report.