AMD Reports Third Quarter Results

Subject: General Tech | October 18, 2007 - 05:17 PM |
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SUNNYVALE, Calif. - Oct. 18, 2007 - AMD (NYSE: AMD) today reported third quarter 2007 revenue of $1.632 billion, an 18 percent increase compared to the second quarter of 2007 and a 23 percent improvement compared to the third quarter of 2006.  In the third quarter, AMD reported an operating loss of $226 million, and a net loss of $396 million, or $0.71 per share.   Third quarter results include a negative impact of $120 million, or $0.22 per share, due to ATI acquisition-related, integration and severance charges and impairment of assets.  In the second quarter of 2007, AMD reported revenue of $1.378 billion and an operating loss of $457 million.  In the third quarter of 2006, AMD reported revenue of $1.328 billion and operating income of $121 million.

"We are encouraged by the progress we made in our third quarter financial results.  We delivered a strong revenue increase, gained 8 percentage points of gross margin and reduced our operating loss by more than half," said Robert J. Rivet, AMD's Chief Financial Officer.  "We sold a record number of microprocessors through our distribution channel and began revenue shipments of Quad-core AMD Opteron processors in the quarter."

"Graphics segment revenue increased 29 percent sequentially, as customers increasingly adopted AMD’s new ATI Radeon HD 2000 series of graphics processors."

Third quarter charges of $120 million consisted of ATI acquisition-related, integration and severance charges of $78 million and asset impairments of $42 million associated with our ownership of Spansion, Inc. common stock.

  Q3-07  Q2-07   Q3-06
 ($ millions)  Revenue   $1,632  $1,378  $1,328 
 GAAP Operating income (loss)  $(226)  $(457) $121
 Acquisition-related, integration

and severance charges (ARC)
 $78  $94  $6
 Non-GAAP Operating income (loss)  $(148)  $(363)   $127

Source: AMD
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