AMD reported its financial results for the first quarter of 2017 today. Despite an 18% year-over-year increase in revenue to $984 million, the company still reported an operating loss of $29 million. AMD further recorded a net loss of $73 million for the quarter.
|Q1 2017||Q1 2016||Change from Q1 2016|
|Revenue||$984 million||$832 million||up 18%|
|Operating income||-$29 million||-$68 million||--|
|Net income||-$73 million||-$51 million||--|
The Computing and Graphics division hauled in $593 million of that revenue after the launch of the Ryzen 7 and Ryzen 5 CPU lineups. That figure is up an impressive 29% year-over-year, and the company said it led to a better-than-expected sequential seasonal decline. Client-product average selling prices were up both year-on-year and sequentially, a change the company attributes to higher desktop processor ASPs. Still, the division lost $15 million, although that figure is down from $70 million a year ago.
The Enterprise, Embedded, and Semi-Custom business took in $391 million in revenue, up 5% year-over-year, and delivered $9 million in operating income, down 44% from a year ago. The company said the decline in profits was related to higher R&D spending for server products, though it was offset by payments from the company's joint venture with THATIC for IP licensing.
AMD's cash on hand declined to $943 million at the end of the quarter, compared to $1.26 billion on hand at the end of last quarter. The company attributed this decline to inventory increases ahead of "new product ramps and semi-custom SoC sales." The company also says cash on hand declined due to debt interest payments.
For the second quarter of its fiscal 2017, AMD expects revenue to increase 17% sequentially, or to about $1.15 billion, plus or minus 3%. If the company hits the midpoint of that projection, it would enjoy a year-over-year revenue increase of 12% for Q2. For its full fiscal 2017, AMD expects to increase revenue by a "low double digit percentage" year-on-year and to achieve "non-GAAP net income." The company claims its Naples server CPUs will launch next quarter, and it says its Vega GPUs are still on track to launch during that timeframe, as well.
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