AMD Reports Fourth Quarter and Annual Results

SUNNYVALE, CA -- (MARKET WIRE) -- Jan 24, 2012 -- AMD (NYSE: AMD)

Q4 2011 Results

  • AMD revenue $1.69 billion, flat sequentially and increased two percent year-over-year
  • Net loss $177 million, loss per share $0.24, operating income $71 million
  • Non-GAAP(1) net income $138 million, earnings per share $0.19, operating income $172 million
  • Gross margin 46 percent

2011 Annual Results

  • AMD revenue $6.57 billion, flat year-over-year
  • Net income $491 million, earnings per share $0.66, operating income $368 million
  • Non-GAAP(1) net income $374 million, earnings per share $0.50, operating income $524 million
  • Gross margin 45 percent
  • More than 30 million Accelerated Processor Unit (APU) shipments in 2011 drives record annual notebook revenue

AMD (NYSE: AMD) today announced revenue for the fourth quarter of 2011 of $1.69 billion, net loss of $177 million, or $0.24 per share, and operating income of $71 million. The company reported non-GAAP net income of $138 million, or $0.19 per share, and non-GAAP operating income of $172 million. Fourth quarter non-GAAP net income excludes an impairment of AMD's investment in GLOBALFOUNDRIES of $209 million, restructuring charges of $98 million, the loss from discontinued operations of $4 million, the amortization of acquired intangible assets of $3 million and a loss on debt repurchase of $1 million.

For the year ended December 31, 2011, AMD reported revenue of $6.57 billion, net income of $491 million, or $0.66 per share, and operating income of $368 million. Full year non-GAAP net income was $374 million, or $0.50 per share, and non-GAAP operating income was $524 million.

"AMD shipped more than 30 million APU's in 2011, resulting in record annual notebook revenue," said Rory Read, AMD president and CEO. "The unmatched combination of computing and graphics capabilities in our low-power 'Brazos' platform has made it our fastest ramping platform ever, paving the way for continued growth in key segments and geographies. Our server business has re-gained momentum, delivering two consecutive quarters of strong sequential growth.

"We continued optimizing our financial model in 2011, consistently delivering operating income and creating the foundation for sustained success. We begin 2012 clear on our priorities and opportunities. We are building an AMD that consistently delivers on its commitments."

                          GAAP Financial Results(2)                         
                                                                            
----------------------------------------------------------------------------
                   Q4-11         Q3-11      Q4-10        2011        2010   
----------------------------------------------------------------------------
Revenue            $1.69B       $1.69B      $1.65B      $6.57B      $6.49B  
----------------------------------------------------------------------------
Operating                                                                   
 income             $71M         $138M      $413M       $368M       $848M   
----------------------------------------------------------------------------
Net income                                                                  
 (loss) /                                                                   
 Earnings                                                                   
 (loss) per                                                                 
 share        $(177)M/$(0.24) $97M/$0.13 $375M/$0.50 $491M/$0.66 $471M/$0.64
----------------------------------------------------------------------------
                                                                            
                       Non-GAAP Financial Results(1)                        
                                                                            
----------------------------------------------------------------------------
                    Q4-11       Q3-11       Q4-10        2011        2010   
----------------------------------------------------------------------------
Revenue             $1.69B      $1.69B      $1.65B      $6.57B      $6.49B  
----------------------------------------------------------------------------
Operating income    $172M       $146M       $141M       $524M       $553M   
----------------------------------------------------------------------------
Net income /                                                                
 Earnings per                                                                                    
  share                      $138M/$0.19  $110M/$0.15  $106M/$0.14  $374M/$0.50  $360M/$0.49
----------------------------------------------------------------------------
 

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