Well, AMD had another one of those quarters. You know, the kind where it loses several hundred million bucks. According to the official results release, this latest loss can be chalked up to a "limited waiver of exclusivity for certain 28nm APU products from [GlobalFoundries]," which cost AMD a whopping $703 million.
If you ignore that and other write-offs (including the $6 million the firm spent on SeaMicro), AMD's net income for the first quarter is $92 million. Taking the charges into account, however...
|Q1 2011||Q4 2011||Q1 2012|
|Revenue||$1.61 billion||$1.69 billion||$1.59 billion|
|Net income||$510 million||-$177 million||-$590 million|
No, that's not a typo—the various write-offs whittled AMD's gross margin down to a comical two percent. If you ignore them, AMD's gross margin was a more reasonable 46%.
As always, AMD has shared revenue numbers for its Computing Solutions and Graphics businesses. Computing Solutions saw flat year-over-year growth, while Graphics suffered a 7% revenue decline from the same quarter a year ago. AMD says average CPU prices were flat and average GPU prices went up, so I'm guessing reduced demand can be blamed for the lackluster (or lack of) revenue growth.
Oh, and for the ongoing quarter, AMD says it expects a sequential revenue increase of "3 percent, plus or minus 3 percent." Uh-huh.