AMD Reports 2013 Third Quarter Results

SUNNYVALE, CA -- (Marketwired) -- Oct 17, 2013 -- AMD (NYSE: AMD)

Q3 2013 Results

  • AMD revenue $1.46 billion, increased 26 percent sequentially and 15 percent year-over-year
  • Gross margin 36 percent
  • Operating income of $95 million and non-GAAP(1) operating income of $78 million
  • Net income of $48 million, earnings per share of $0.06 and non-GAAP(1) net income of $31 million, earnings per share of $0.04

AMD (NYSE: AMD) today announced revenue for the third quarter of 2013 of $1.46 billion, operating income of $95 million and net income of $48 million, or $0.06 per share. The company reported non-GAAP operating income of $78 million and non-GAAP net income of $31 million, or $0.04 per share.

"AMD returned to profitability and generated free cash flow in the third quarter as we continued to successfully execute the strategic transformation plan we outlined a year ago," said Rory Read, AMD president and CEO. "We achieved 26 percent sequential revenue growth driven by our semi-custom business and remain committed to generating approximately 50 percent of revenue from high-growth markets over the next two years. Developing industry-leading technology remains at our core, and we are in the middle of a multi-year journey to redefine AMD as a leader across a more diverse set of growth markets."

                                                                            
                           GAAP Financial Results                           
                                                                            
----------------------------------------------------------------------------
                                  Q3-13           Q2-13           Q3-12     
----------------------------------------------------------------------------
Revenue                           $1.46B          $1.16B          $1.27B    
----------------------------------------------------------------------------
Operating income (loss)            $95M           $(29)M         $(131)M    
----------------------------------------------------------------------------
Net income (loss) / Earnings    $48M/$0.06    $(74)M/$(0.10) $(157)M/$(0.21)
 (loss) per share                                                           
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
                      Non-GAAP Financial Results (1)                        
                                                                            
----------------------------------------------------------------------------
                                  Q3-13           Q2-13           Q3-12     
----------------------------------------------------------------------------
Revenue                           $1.46B          $1.16B          $1.27B    
----------------------------------------------------------------------------
Operating income (loss)            $78M           $(20)M         $(124)M    
----------------------------------------------------------------------------
Net income (loss) / Earnings    $31M/$0.04    $(65)M/$(0.09) $(150)M/$(0.20)
 (loss) per share                                                           
----------------------------------------------------------------------------
                                                                            

Quarterly Financial Summary

  • Gross margin was 36 percent in Q3 2013.
    • Gross margin decreased sequentially. Q3 2013 gross margin included a $19 million benefit, approximately 1 percentage point, from the sale of inventory that had been previously reserved in Q3 2012 as compared to a similar $11 million benefit, approximately 1 percentage point, in Q2 2013.
  • Cash, cash equivalents and marketable securities balance, including long-term marketable securities, was $1.2 billion at the end of the quarter, slightly above our targeted optimal level of $1.1 billion.
  • Computing Solutions segment revenue decreased 6 percent sequentially and decreased 15 percent year-over-year. The sequential and year-over-year declines were due to decreased notebook and chipset unit shipments, partially offset by an increase in desktop unit shipments.
    • Operating income was $22 million, compared with operating income of $2 million in Q2 2013 and an operating loss of $114 million in Q3 2012. The Q3 2012 operating loss included an inventory write-down of approximately $100 million primarily consisting of first generation A-Series accelerated processing units (APUs).
    • Microprocessor Average Selling Price (ASP) was flat sequentially and decreased year-over-year.
  • Graphics and Visual Solutions (GVS) is comprised of graphics processing units (GPUs), including professional graphics, as well as semi-custom products and development and game console royalties.
    • GVS segment revenue increased 110 percent sequentially and increased 96 percent year-over-year driven largely by our semi-custom business. GPU revenue declined sequentially and year-over-year. In the third quarter customers began transitioning to our new products late in the quarter.
    • Operating income was $79 million compared with breakeven in Q2 2013 and $18 million in Q3 2012.
    • GPU ASP decreased sequentially and year-over-year.


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