AMD’s fourth-quarter revenue of $3.2 billion surged 948% year-on-year

In the early morning of January 27, Beijing time, AMD today announced its fourth quarter and full-year financial results for fiscal 2020. The report shows that AMD’s fourth-quarter revenue was $3.244 billion, an increase of 53% compared with $2.127 billion in the same period last year and a 16% increase compared to $2.801 billion in the previous quarter; net profit was $1.781 billion, compared with $2.801 billion in the previous quarter. This was a 948% increase from $170 million a year earlier and a 357% increase from $390 million in the previous quarter.

AMD’s fourth-quarter and full-year results exceeded Wall Street analysts’ expectations, and its revenue outlook for the first quarter of fiscal 2021 also exceeded expectations, but its shares still fell more than 2% after the market.

Fourth quarter results summary:

In the fiscal quarter ended December 26, AMD’s net profit was $1.781 billion, and earnings per share were $1.45, which was much better than the same period last year. In the fourth quarter of fiscal 2019, AMD’s net income was $170 million and earnings per share were $0.15. Excluding certain one-time items (not in accordance with U.S. GAAP), AMD’s fourth-quarter adjusted net income was $636 million, compared with adjusted net income of $383 million in the prior year; Shares earned $0.52, compared with adjusted earnings per share of $0.32 a year earlier, beating Wall Street analysts’ expectations. According to data provided by Yahoo Finance Channel, 29 analysts had expected AMD’s fourth-quarter earnings per share to reach $0.47 on average.

AMD’s fourth-quarter revenue was $3.244 billion, an increase of 53% compared with $2.127 billion in the same period last year and a 16% increase compared to $2.801 billion in the previous quarter, which also exceeded analyst expectations. According to data provided by Yahoo Finance Channel, 28 analysts on average expect AMD’s fourth-quarter revenue to reach $3.02 billion.

Divided by business unit, AMD’s fourth-quarter revenue from computing and graphics was $1.960 billion, up from $1.662 billion in the same period last year and $1.667 billion in the previous quarter; operating profit was $420 million, compared with $1.667 billion in the previous quarter. Operating profit in the same period last year was $384 million and operating profit in the previous quarter was $360 million. AMD’s fourth-quarter revenue from enterprise, embedded and semi-custom businesses was $1.284 billion, up from $465 million in the prior year and $1.134 billion in the previous quarter; operating profit was $243 million, compared with Operating profit was $45 million in the year-ago quarter and $141 million in the previous quarter. AMD’s fourth-quarter operating loss from all other businesses was $93 million, compared with an operating loss of $57 million a year earlier and an operating loss of $76 million in the prior quarter.

AMD’s fourth-quarter operating profit was $570 million, compared with $348 million in the same period last year, a 64% increase year-on-year; last quarter’s operating profit was $449 million, a 27% increase from the previous quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), AMD’s fourth-quarter adjusted operating profit was $663 million, compared to $405 million in the year-ago period, an increase of 64%; Operating profit in the last quarter was $525 million, up 26% sequentially.

AMD’s fourth-quarter operating expenses were $881 million, an increase of 47% compared to $601 million a year earlier and a 13% increase compared to $781 million in the previous quarter. Among them, AMD’s R&D spending in the fourth quarter was $573 million, up from $395 million in the same period last year and $508 million in the previous quarter; marketing, general and administrative expenses were $308 million, up from $206 million in the same period last year USD and $273 million in the previous quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), AMD’s adjusted operating expenses in the fourth quarter were $789 million, an increase of 45% compared to $545 million in the prior year period and an increase of $7.06 in the prior quarter. million dollars, an increase of 12%.

AMD’s fourth-quarter gross profit was $1.451 billion, an increase of 53% compared with $949 million in the same period last year and an increase of 18% compared with $1.230 billion in the previous quarter. Excluding certain one-time items (not in accordance with GAAP), AMD’s adjusted gross profit in the fourth quarter was $1.452 billion, an increase of 53% compared to $950 million in the same period last year, and an increase of 53% compared to $12.31 in the prior quarter billion dollars, an increase of 18%. AMD’s fourth-quarter gross margin was 45%, flat from 45% a year earlier and up 1 percentage point from 44% in the previous quarter. Excluding certain one-time items (not in accordance with GAAP), AMD’s adjusted gross margin was 45% in the fourth quarter, flat from 45% in the prior year and up from 44% in the prior quarter 1 percentage point.

 

AMD’s fourth-quarter revenue of $3.2 billion surged 948% year-on-year

Summary of annual results:

AMD’s full-year revenue was $9.763 billion, an increase of 45% from $6.731 billion in fiscal 2019; gross profit was $4.347 billion, an increase of 52% from $2.868 billion in fiscal 2019; gross profit margin was 45%, compared with fiscal 2019 43% year-on-year increase of 2 percentage points; operating profit was $1.369 billion, compared with $631 million in fiscal 2019, an increase of 117% year-on-year; net profit was $2.490 billion, compared with fiscal 2019 Net income was $341 million, an increase of 630% year-over-year; earnings per share were $2.06, compared to $0.30 per share in fiscal 2019, an increase of 587% year-over-year; operating expenses were $2.978 billion, compared to The next fiscal year 2019 was $2.297 billion, an increase of 30% year-on-year.

Excluding certain one-time items (not in accordance with GAAP), AMD’s gross profit for the full year was $4.353 billion, an increase of 51% from $2.874 billion in fiscal 2019; gross margin was 45%, compared to fiscal 2019 Operating profit was $1.657 billion, compared with $840 million in fiscal 2019, an increase of 97% year-on-year; net profit was $1.575 billion, compared with $1.575 billion in fiscal 2019 Net income was $756 million, up 108% year-over-year; earnings per share were $1.29, compared to $0.64 per share in fiscal 2019, up 102% year-over-year; operating expenses were $2.696 billion, compared to In fiscal 2019, it was $2.094 billion, an increase of 29% year-over-year.

AMD’s fourth-quarter results also beat analysts’ expectations. According to data provided by Yahoo Finance Channel, 34 analysts had expected AMD’s full-year revenue to reach $9.55 billion, and 34 analysts had expected AMD’s full-year adjusted earnings per share to reach $1.23.

Performance Outlook:

AMD expects revenue in the first quarter of fiscal 2021 to be approximately $3.2 billion, plus or minus $100 million, a year-on-year increase of approximately 79% and a month-on-month decrease of approximately 1%, exceeding analyst expectations. According to data provided by Yahoo Finance Channel, 27 analysts currently expect AMD’s first-quarter revenue to reach $2.73 billion.

Share price changes:

On the same day, AMD shares rose $0.58 in regular Nasdaq trading to close at $94.71, or 0.62%. In subsequent after-hours trading as of 4:47 p.m. ET on Tuesday (5:47 a.m. Beijing time on Wednesday), AMD shares fell $2.03, or 2.14%, to $92.68. Over the past 52 weeks, AMD’s highest price was $99.23 and its lowest price was $36.75.

  

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