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AMD posts first profit in 13 quarters thanks to Intel

Posted on Friday, January 22 2010 @ 16:02:38 CET by


AMD reported its first profit in 13 quarters. The company booked a profit of $1.178 billion, or $1.52 per share, on a revenue of $1.646 billion. The big profit is thanks to Intel though, because without the $1.25 billion fine Intel paid to AMD, the company would still be in the red.

Compared to the same quarter a year ago, processor revenue grew 39 percent, while GPU revenue shot up 58 percent.

For the full year, AMD reported revenue of $5.403 billion and net income of $304 million. This compares to a revenue of $5.808 billion and a net loss of $3.129 billion in the year before. The company is getting back on its feet, but it still needs to do a lot of work to become healthy. AMD shares are currently down 9.79 percent to $8.11.
AMD (NYSE:AMD) today reported revenue for the fourth quarter of 2009 of $1.646 billion, an increase of 18 percent compared to the previous quarter and 42 percent compared to the fourth quarter of 2008.

In the fourth quarter of 2009, AMD reported net income attributable to AMD common stockholders of $1.178 billion, or $1.52 per share, which includes a net favorable impact of $1.238 billion, or $1.57 per share. AMD reported operating income of $1.288 billion in the quarter, including a net favorable impact of $1.224 billion. The net favorable impacts were primarily from a legal settlement with Intel Corp.

For the year ended Dec. 26, 2009, AMD reported revenue of $5.403 billion. Fiscal 2009 net income attributable to AMD common stockholders was $304 million. AMD reported revenue of $5.808 billion and a net loss attributable to AMD common stockholders of $3.129 billion for fiscal 2008.

As of the first quarter of 2010, AMD will report operating results for what was formerly referred to as AMD Product Company only and will no longer consolidate the financial results of GLOBALFOUNDRIES. AMD’s investment in GLOBALFOUNDRIES will be accounted for using the equity method.

“AMD’s quarter marks another milestone in our transformation and underscores our growing momentum,” said Dirk Meyer, AMD president and CEO. “We enter 2010 having completed the transition to a fabless business model, reached a historic antitrust settlement, and made significant progress strengthening our balance sheet. Our innovative strategy for designing the world’s most vivid digital experiences continues to generate demand.”

In the third quarter of 2009, AMD had revenue of $1.396 billion, a net loss attributable to AMD common stockholders of $128 million and an operating loss of $77 million. In the fourth quarter of 2008, AMD had revenue of $1.162 billion, a net loss attributable to AMD common stockholders of $1.436 billion and an operating loss of $1.274 billion.

In the fourth quarter of 2009, AMD Product Company reported non-GAAP net income of $80 million and non-GAAP operating income of $169 million. In the third quarter of 2009, AMD Product Company reported non-GAAP net income of $2 million and a non-GAAP operating income of $47 million. AMD Product Company adjusted EBITDA for the fourth quarter was $282 million, up from $169 million in the prior quarter.

Fourth quarter 2009 AMD gross margin was 45 percent compared to 42 percent in the prior quarter. Fourth quarter 2009 AMD Product Company non-GAAP gross margin was 41 percent compared to 38 percent in the prior quarter.



 



 

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