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AMD posts $118 million third-quarter loss (updated)

Posted on Friday, October 15 2010 @ 03:52:36 CEST by

AMD announced it lost $118 million, or 17 cents per share, on revenue of $1.62 billion in the third quarter of this year. For the current quarter, AMD expects revenue will be approximately flat sequentially.

Excluding special items (non-GAAP), the company recorded a profit of $108 million, or 15 cents per share. A writedown of $186 million on the equity value of GlobalFoundries had a major impact on GAAP net income, as well as a $24 million charge for debt redemption and $16 million for the amortization of acquired intangible assets. Analysts polled by Thomson Reuters expected the chip maker to report earnings of 6 cents per share on revenue of $1.6 billion, resulting in a 4.5 percent rise of AMD's shares to $7.46 in after-hours trading.
AMD (NYSE:AMD) today announced revenue for the third quarter of 2010 of $1.62 billion, a net loss of $118 million, or $0.17 per share, and operating income of $128 million. The company reported non-GAAP net income of $108 million, or $0.15 per share, and non-GAAP operating income of $144 million.

“AMD’s third quarter performance was highlighted by solid gross margin and a continued focus on profitability, despite weaker than expected consumer demand,” said Dirk Meyer, AMD president and CEO. “Our strategy to deliver platforms with superior visual experiences continues to resonate. We look forward to building on this momentum when we begin shipping our first AMD Fusion Accelerated Processor Units later this quarter.”

Computing Solutions segment revenue was flat sequentially and up 13 percent year-over-year. The year-over-year increase was primarily driven by record notebook microprocessor unit shipments. Microprocessor average selling price (ASP) decreased slightly sequentially and increased year-over-year.

Graphics segment revenue decreased 11 percent sequentially but increased 33 percent year-over-year. The sequential decrease was driven by decreased mobile graphics processor unit (GPU) unit shipments and decreased ASP. The year-over-year increase was driven by an increase in GPU unit shipments and ASP. AMD has shipped more than 25 million DirectX11-capable GPUs since introduction in September 2009.



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