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Wednesday, January 25, 2012
AMD Reports Q4 Loss on Weak Graphics Sales

Advanced Micro Devices (AMD) reported a fourth-quarter net loss Tuesday on weak sales of graphics chips and charges related to a restructuring.

The company announced revenue for the fourth quarter of 2011 of $1.69 billion, net loss of $177 million, or $0.24 per share, and operating income of $71 million. The company reported non-GAAP net income of $138 million, or $0.19 per share, and non-GAAP operating income of $172 million. 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.

AMD's graphics segment revenue decreased five percent sequentially and 10 percent year-over-year. The sequential decrease was driven primarily by a decline in mobile graphics processor unit (GPU) shipments, partially offset by a seasonal increase in game console revenue. The year-over-year decrease was primarily driven by decreased desktop and Add-in Board (AIB) graphics revenue. The decline resulted partly from the hard-drive shortage caused by flooding in Thailand, which reduced demand for add-in graphics boards, said CEO Rory Read on a conference call.

AMD is on track to launch new laptop chips code-named Trinity by midyear.

"With the next-generation product Trinity we are well ahead of the pace," Read said. The chips will enable thinner laptops and better performance-per-watt than their predecessors, he said.

AMD has said Trinity chips will come in dual- and quad-core options, and give the same performance but consume half the power of its current A-series laptop chips.

The restructuring efforts will help AMD to fund new opportunities in low-power computing, cloud computing and emerging markets, Read said.

The company's Computing Solutions segment revenue increased two percent sequentially and seven percent year-over-year. The sequential increase was driven by double digit growth in Server and Chipset revenue. The year-over-year increase was driven by higher mobile processor and Chipset revenue.

"AMD shipped more than 30 million APU's in 2011, resulting in record annual notebook revenue," said Rory Read. "The unmatched combination of computing and graphics capabilities in our low-power 'Brazos' platform has made it our fastest ramping platform ever, paving the way for continued growth in key segments and geographies. Our server business has re-gained momentum, delivering two consecutive quarters of strong sequential growth.

We continued optimizing our financial model in 2011, consistently delivering operating income and creating the foundation for sustained success. We begin 2012 clear on our priorities and opportunities. We are building an AMD that consistently delivers on its commitments."

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