AMD revenues for the first quarter of 2013 of $1.09 billion, an operating loss of $98 million and a net loss of $146 million, or 19 cents per share.
Rory Read (President and CEO, AMD): Our first quarter results reflect our disciplined operational execution in a difficult market environment. We will continue to diversify our portfolio and attack high-growth markets like dense server, ultra low-power client, embedded and semi-custom solutions to create the foundation for sustainable financial returns.
AMD – Quarterly Financial Summary
- Gross margin was 41 percent.
- Gross margin increased sequentially due to a $20 million benefit from sales of inventory that had been previously reserved which positively impacted gross margin by 2 percentage points.
- Cash, cash equivalents and marketable securities balance, including long-term marketable securities, was $1.2 billion at the end of the quarter.
- First quarter cash was bolstered by the closing of a sale and leaseback transaction of the ‘Lone Star Campus’ in Austin, Texas generating cash proceeds of approximately $164 million, net of certain fees.
- Computing Solutions segment revenue decreased 9 percent sequentially and 38 percent year-over-year. The sequential decrease was primarily due to lower desktop, notebook and chipset unit shipments. The year-over-year decline was driven primarily by lower unit shipments.
- Operating loss was $39 million, compared with an operating loss of $323 million in Q4 2012 and operating income of $124 million in Q1 2012. The Q4 2012 operating loss included the impact of a Global-oundries related ‘lower of cost or market’ (LCM) charge of $273 million.
- Microprocessor Average Selling Price (ASP) increased sequentially and decreased year-over-year.
- Graphics segment revenue increased 3 percent sequentially and decreased 12 percent year-over-year. Graphics processor unit (GPU) revenue was flat sequentially and down year-over-year.
- Operating income was $16 million, compared with $22 million in Q4 2012 and $34 million in Q1 2012.
- GPU ASP increased sequentially and year-over-year.
For the second quarter of 2013, AMD expects revenue to increase 2 percent, plus or minus 3 percent, sequentially.
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