Compared to Apple's whopper of a news release, AMD's quarterly results announcement is a bit of a downer. After the bell yesterday, the chipmaker posted a net loss of $177 million on revenue of $1.69 billion—the company, it seems, was back in the red last quarter:
|Q4 2010||Q3 2011||Q4 2011|
|Revenue||$1.65 billion||$1.69 billion||$1.69 billion|
|Net income||$375 million||$97 million||-$177 million|
Now, AMD does point out that its non-GAAP net income was actually in the black: $138 million. What's the difference, you ask?
Fourth quarter non-GAAP net income excludes an impairment of AMD's investment in GLOBALFOUNDRIES of $209 million, restructuring charges of $98 million, the loss from discontinued operations of $4 million, the amortization of acquired intangible assets of $3 million and a loss on debt repurchase of $1 million.
For those not well-versed in corporate accounting jargon, GAAP stands for Generally Accepted Accounting Principles. In any case, it sounds like charges related to the spin-off of GlobalFoundries continue to affect the company's official bottom line.
AMD says its Computing Solutions business saw growth of 2% compared to the previous quarter and 7% over the same quarter a year back. Interestingly, the sequential increase was purportedly "driven by double digit growth in Server and Chipset revenue." (Higher mobile revenue accounted for the 7% year-over-year jump.) Meanwhile, AMD's graphics business saw declines all around: 5% sequentially and 10% year over year. The smaller drop was due to lower mobile GPU shipments, the company claims, while the year-over-year decline had to do with lower shipments of discrete graphics cards.
Compared to its Q4 results, AMD says it expects revenue to decrease by 5-12% this calendar quarter.
In related news, here's how AMD's results for 2011 as a whole compare to financials for prior years:
|Revenue||$5.40 billion||$6.49 billion||$6.57 billion|
|Net income||$304 million||$471 million||$491 million|
Things don't look so bad there, especially as far as net income goes. That said, AMD still managed to lose a point of gross margin over 2010.
|1. Ryszard - $603||2. Hdfisise - $600||3. Andrew Lauritzen - $502|
|4. Redocbew - $350||5. the - $306||6. SomeOtherGeek - $300|
|7. chasp_0 - $251||8. Ryu Connor - $250||9. mbutrovich - $250|
|10. YetAnotherGeek2 - $200|
|Take a video tour of our Breadbox build||6|
|Need for Speed for PC embraces 4K displays and unlocked FPS||3|
|White Shirt Day Shortbread||15|
|Some Zen CPUs may pack 32 cores and eight memory channels||93|
|Snapdragon 625 SoC powers up mid-range mobile devices||13|
|HP will bring FreeSync to all of its AMD-powered laptops this year||21|
|EVGA GTX 980 Ti VR Edition puts 5.25" drive bays to use||27|
|Windows 10 gets new Release Preview ring and detailed change logs||19|
|Asus releases a trio of colorful B150 boards for smaller PCs||20|