AMD Reports 2013 Second Quarter Results

AMD revenue $1.16 billion, increased 7 percent sequentially and decreased 18 percent year-over-year; Gross margin 40 percent; Operating loss of $29 million, net loss of $74 million, loss per share of $0.10

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SUNNYVALE, Calif. – July 18, 2013 – AMD (NYSE:AMD) today announced revenue for the second quarter of 2013 of $1.16 billion, an operating loss of $29 million and a net loss of $74 million, or $0.10 per share. The company reported a non-GAAP operating loss of $20 million and a non-GAAP net loss of $65 million, or $0.09 per share.

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“Our focus on restructuring and transforming AMD resulted in improved financial results,” said Rory Read, AMD president and CEO. “Our performance in the second quarter was driven by opportunities in our new high-growth and traditional PC businesses. Looking ahead, we will continue to deliver a strong value proposition to our established customers and also reach new customers as we diversify our business. We expect significant revenue growth and a return to profitability in the third quarter.”

GAAP Financial Results

Non-GAAP Financial Results(1)

Q2 2013 Reportable Segment Name Change
AMD’s Graphics reportable segment has been renamed Graphics and Visual Solutions. The new reportable segment nomenclature provides greater clarity on the product lines that comprise the segment and reflects the growing importance of gaming and semi-custom offerings to AMD. There is no change to the composition of this reportable segment from what was previously reported.

AMD’s two reportable segments continue to be comprised of the following:

  • The Computing Solutions segment, which includes microprocessors (MPUs), accelerated processing units (APUs), chipsets, embedded processors and servers; and
  • The Graphics and Visual Solutions segment, comprised of graphic processing units (GPUs), including professional graphics, as well as revenue from semi-custom products and development and game console royalties.

Quarterly Financial Summary

  • Gross margin was 40 percent in Q2 2013.
    • Gross margin decreased sequentially. Q2 2013 gross margin included an $11 million benefit from sales of inventory that had been previously reserved in Q3 2012 and this positively impacted gross margin by 1 percentage point as compared to a similar $20 million benefit in Q1 2013 which positively impacted gross margin by 2 percentage points.
  • Cash, cash equivalents and marketable securities balance, including long-term marketable securities, was $1.1 billion at the end of the quarter.
  • Computing Solutions segment revenue increased 12 percent sequentially and decreased 20 percent year-over-year. The sequential increase was due to significantly higher notebook unit shipments and higher server and desktop unit shipments. The year-over-year decline was driven by lower unit shipments and microprocessor Average Selling Price (ASP).
    • Operating income was $2 million, compared with an operating loss of $39 million in Q1 2013 and operating income of $82 million in Q2 2012. Q2 2013 operating income included an $11 million benefit from sales of inventory that had been previously reserved and Q1 2013 operating income included a similar $20 million benefit.
    • Microprocessor ASP decreased sequentially and year-over-year.
  • Graphics and Visual Solutions segment revenue decreased 5 percent sequentially and decreased 13 percent year-over-year. GPU revenue was flat sequentially and declined year-over-year.
    • Operating income was breakeven compared with $16 million in Q1 2013 and $31 million in Q2 2012.
    • GPU ASP decreased sequentially and increased year-over-year.

Recent Highlights

  • AMD introduced several new client processors in the quarter:
    • The new AMD Elite Performance, AMD Mainstream and AMD Elite Mobility A-Series APUs offer dramatically increased performance and power efficiency compared to prior AMD APUs. Acer, Asus, Dell, HP, Lenovo and Samsung have begun to roll out products based on these latest A-Series APUs.
    • The AMD Elite Mobility A-Series APU for tablets, hybrids and small form factor notebooks won the 2013 “Best Choice of Computex Taipei” award.
    • AMD launched its 2013 Elite A-Series APU for the desktop channel, delivering leading performance, discrete-level graphics and an easy upgrade infrastructure.
    • AMD unveiled the AMD FX-9590 desktop processor, the world’s first commercially available 5 GHz x86 processor capable of delivering new levels of gaming and multimedia performance.
  • Microsoft announced the Xbox One, its next-generation gaming console featuring a semi-custom, System-on-Chip (SoC) AMD APU. AMD technology is inside all three of the next generation gaming consoles: Nintendo Wii U, Sony PS4™, and Xbox One.
  • AMD launched the AMD OpteronTM X-Series processors, the industry’s most efficient x86 server processors.
  • AMD provided additional details on its 2014 products for the fast-growing data center and cloud computing markets; including introducing best-in-class APUs, two- and four-socket x86 CPUs, and its first 64-bit ARM server processor.
  • AMD announced the new AMD Embedded G-Series SoC. The single-chip APU solution delivers more than double the CPU performance while running multiple industry-standard compute-intensive benchmarks compared to the Intel Atom (2).
  • For enthusiasts who want to take their PC gaming to the next level, AMD introduced the fastest desktop and notebook graphics solutions in the world.
  • Apple announced its newest Mac Pro will feature dual AMD FirePro™ graphics cards. The unique solution offers improved visual and general computing performance of the high-end system, providing the power needed by the most demanding digital content creators.

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 the third quarter of 2013, AMD expects revenue to increase 22 percent, plus or minus 3 percent, sequentially.

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