AMD Reports 2016 First Quarter Results

Current Outlook

AMD's outlook statements are based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under "Cautionary Statement" below.

For Q2 2016, AMD expects revenue to increase 15 percent, plus or minus 3 percent, sequentially.

For additional details regarding AMD's results and outlook please see the CFO commentary posted at quarterlyearnings.amd.com.

AMD Teleconference

AMD will hold a conference call for the financial community at 2:00 p.m. PDT (5:00 p.m. EDT) today to discuss its first quarter financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its website at www.amd.com. The webcast will be available for 12 months after the conference call.

Reconciliation of GAAP to Non-GAAP Gross Margin

                                                                            
                                           ---------------------------------
(Millions except percentages)                  Q1-16      Q4-15      Q1-15  
----------------------------------------------------------------------------
GAAP Gross Margin                           $     269  $     283  $     326 
----------------------------------------------------------------------------
GAAP Gross Margin %                                32%        30%        32%
----------------------------------------------------------------------------
  Stock-based compensation                          1          1          1 
----------------------------------------------------------------------------
Non-GAAP Gross Margin                       $     270  $     284  $     327 
----------------------------------------------------------------------------
Non-GAAP Gross Margin %                            32%        30%        32%
----------------------------------------------------------------------------
                                                                            

Reconciliation of GAAP to Non-GAAP Operating Income (Loss)

                                                                            
                                           ---------------------------------
(Millions)                                     Q1-16      Q4-15      Q1-15  
----------------------------------------------------------------------------
GAAP operating loss                         $     (68) $     (49) $    (137)
----------------------------------------------------------------------------
  Restructuring and other special charges,                                  
   net                                             (3)        (6)        87 
----------------------------------------------------------------------------
  Amortization of acquired intangible                                       
   assets                                           -          -          3 
----------------------------------------------------------------------------
  Stock-based compensation                         16         16         17 
----------------------------------------------------------------------------
Non-GAAP operating loss                     $     (55) $     (39) $     (30)
----------------------------------------------------------------------------
                                                                            

Reconciliation of GAAP to Non-GAAP Net Income (Loss) /Earnings (Loss) per Share

                                                                            
                            ------------------------------------------------
(Millions except per share                                                  
 amounts)                         Q1-16           Q4-15           Q1-15     
----------------------------------------------------------------------------
GAAP net loss /loss per                                                                                                    
  share                                              $  (109)  $(0.14)  $  (102)  $(0.13)  $  (180)  $(0.23)
----------------------------------------------------------------------------
    Restructuring  and  other                                                                                                      
      special  charges,  net                    (3)            -            (6)    (0.01)          87        0.11  
----------------------------------------------------------------------------
    Tax  settlement  in  foreign                                                                                                  
      jurisdiction                                      -              -            13        0.02              -              -  
----------------------------------------------------------------------------
    Amortization  of  acquired                                                                                                    
      intangible  assets                            -              -              -              -              3        0.00  
----------------------------------------------------------------------------
    Stock-based  compensation              16        0.02            16        0.02            17        0.02  
----------------------------------------------------------------------------
Non-GAAP  net  loss  /  loss  per                                                                                                
  share                                              $    (96)  $(0.12)  $    (79)  $(0.10)  $    (73)  $(0.09)
----------------------------------------------------------------------------
                                                                                                                                                        
 

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