Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Advanced Micro Devices (NASDAQ:AMD) were down 14.1% as of 10:48 a.m. Friday after the company announced disappointing first-quarter results.

So what: Quarterly revenue fell 26% year over year to $1.03 billion, which translated to an adjusted net loss of $73 million, or $0.09 per share. Analysts, on average, were looking for a much narrower loss of $0.05 per share on higher revenue of $1.05 billion.

Even so, AMD CEO Dr. Lisa Su said: "Building great products, driving deeper customer relationships and simplifying our business remain the right long-term steps to strengthen AMD and improve our financial performance."

Now what: For now, Su elaborated, that means focusing "on improving our near-term financial results and delivering a stronger second half of the year based on completing our work to rebalance channel inventories and shipping strong new products."

For the current quarter, AMD expects revenue to decrease 3% sequentially, plus or minus 3% -- or a range of roughly $0.97 billion to $1.03 billion. Analysts were modeling sequential quarterly growth in revenue of 9.7% to $1.13 billion.

In the end, it's hard to blame the market for bidding shares of AMD down today given both its modest quarterly miss and lighter-than-expected guidance. Until AMD can show some tangible progress toward achieving its goal of sustained profitability -- which starts with improved financial results in the second half of the year -- I fear long investors will likely endure more pain going forward.