AMD Reports 2015 Third Quarter Results

SUNNYVALE, CA -- (Marketwired) -- Oct 15, 2015 -- AMD (NASDAQ: AMD)

  • Strong 13% quarter-over-quarter revenue growth
  • $65 million inventory write-down primarily of older-generation APUs
  • Announced corporate restructuring plan to further reduce operating expenses
  • Announcing a definitive agreement for Assembly, Test, Mark and Pack (ATMP) manufacturing joint venture

AMD (NASDAQ: AMD) today announced revenue for the third quarter of 2015 of $1.06 billion, operating loss of $158 million, and net loss of $197 million, or $0.25 per share. Non-GAAP(1) operating loss was $97 million and non-GAAP(1) net loss was $136 million, or $0.17 per share. GAAP and non-GAAP results include a $65 million inventory write-down and the impact of this charge to loss per share was $0.08.

                                                                            
                           GAAP Financial Results                           
                                                                            
----------------------------------------------------------------------------
                                       Q3-15           Q2-15         Q3-14  
----------------------------------------------------------------------------
Revenue                                $1.06B          $942M        $1.43B  
----------------------------------------------------------------------------
Operating income (loss)               $(158)M         $(137)M        $63M   
----------------------------------------------------------------------------
Net income (loss) / Earnings                                                
 (Loss) per share                 $(197)M/$(0.25) $(181)M/$(0.23) $17M/$0.02
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
                        Non-GAAP Financial Results(1)                       
                                                                            
----------------------------------------------------------------------------
                                       Q3-15           Q2-15         Q3-14  
----------------------------------------------------------------------------
Revenue                                $1.06B          $942M        $1.43B  
----------------------------------------------------------------------------
Operating income (loss)                $(97)M          $(87)M        $87M   
----------------------------------------------------------------------------
Net income (loss) / Earnings                                                
 (loss) per share                 $(136)M/$(0.17) $(131)M/$(0.17) $41M/$0.05
----------------------------------------------------------------------------
                                                                            
                                                                            

"AMD delivered double-digit percentage sequential revenue growth in both of our segments in the third quarter," said Dr. Lisa Su, AMD president and CEO. "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."

Q3 2015 Results

  • Revenue of $1.06 billion, up 13 percent sequentially and down 26 percent year-over-year. The sequential increase was due to solid seasonal semi-custom and strong desktop processor and GPU sales. The year-over-year decline was primarily due to decreased sales in the Computing and Graphics segment.
  • Gross margin of 23 percent, down 2 percentage points sequentially, due to an inventory write-down of $65 million. Non-GAAP(1) gross margin, including the impact of the inventory write-down was 23 percent, down 5 percentage points sequentially. The inventory write-down was due to lower anticipated future demand for older-generation APUs. The gross margin impact of the inventory write-down was 6 percentage points.
  • Operating loss of $158 million, compared to an operating loss of $137 million for the prior quarter. Non-GAAP(1) operating loss of $97 million, compared to non-GAAP(1) operating loss of $87 million in Q2 2015, primarily due to lower gross margin.
  • Net loss of $197 million, loss per share of $0.25, and non-GAAP(1) net loss of $136 million, non-GAAP(1) loss per share of $0.17, compared to a net loss of $181 million, loss per share of $0.23 and non-GAAP(1) net loss of $131 million, non-GAAP(1) loss per share of $0.17 in Q2 2015. The impact of the inventory write-down to EPS was $0.08.
  • Cash and cash equivalents were $755 million at the end of the quarter, down $74 million from the end of the prior quarter, due primarily to a $69 million debt interest payment.
  • Total debt at the end of the quarter was $2.26 billion, flat from the prior quarter.

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