Press release
AMD Reports Fourth Quarter and Full Year 2020 Financial Results
― Quarterly revenue of $3.24B up 53% year-over-year; Full year revenue of $9.76B up 45%; quarterly and full year net income more than doubled from prior year
About this update from Advanced Micro Devices Inc
[{"type":"text","content":"― Quarterly revenue of $3.24B up 53% year-over-year; Full year revenue of $9.76B up 45%; quarterly and full year net income more than doubled from prior year ― SANTA CLARA, Calif., Jan. 26, 2021 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the fourth quarter of 2020 of $3.24 billion, operating income of $570 million, net income of $1.78 billion and diluted earnings per share of $1.45. Fourth quarter net income included an income tax benefit of $1.30 billion associated with a valuation allowance release, which contributed $1.06 to EPS. On a non-GAAP(*) basis, operating income was $663 million, net income was $636 million and diluted earnings per share was $0.52. For full year 2020, the company reported revenue of $9.76 billion, operating income of $1.37 billion, net income of $2.49 billion and diluted earnings per share of $2.06. Full year results included a fourth quarter income tax benefit of $1.30 billion associated with a valuation allowance release, which contributed $1.07 to annual EPS. On a non-GAAP(*) basis, operating income was $1.66 billion, net income was $1.58 billion and diluted earnings per share was $1.29. GAAP Quarterly Financial Results Q4 2020Q4 2019Y/YQ3 2020Q/QRevenue ($M)$3,244$2,127Up 53%$2,801Up 16%Gross profit ($M)$1,451$949Up 53%$1,230Up 18%Gross margin45%45%Flat44%Up 1ppOperating expenses ($M)$881$601Up 47%$781Up 13%Operating income ($M)$570$348Up 64%$449Up 27%Tax Valuation Allowance Release Benefit ($M)$1,301--------Net income ($M)$1,781$170Up 948%$390Up 357%Earnings per share$1.45$0.15Up 867%$0.32Up 353% Non-GAAP(*) Quarterly Financial Results Q4 2020Q4 2019Y/YQ3 2020Q/QRevenue ($M)$3,244$2,127Up 53%$2,801Up 16%Gross profit ($M)$1,452$950Up 53%$1,231Up 18%Gross margin45%45%Flat44%Up 1ppOperating expenses ($M)$789$545Up 45%$706Up 12%Operating income ($M)$663$405Up 64%$525Up 26%Net income ($M)$636$383Up 66%$501Up 27%Earnings per share$0.52$0.32Up 63%$0.41Up 27% Annual Financial Results GAAPNon-GAAP(*) 20202019Y/Y20202019Y/YRevenue ($M)$9,763$6,731Up 45%$9,763$6,731Up 45%Gross profit ($M)$4,347$2,868Up 52%$4,353$2,874Up 51%Gross margin45%43%Up 2pp45%43%Up 2ppOperating expenses ($M)$2,978$2,297Up 30%$2,696$2,094Up 29%Operating income ($M)$1,369$631Up 117%$1,657$840Up 97%Tax Valuation Allowance Release Benefit ($M)$1,301----------Net income ($M)$2,490$341Up 630%$1,575$756Up 108%Earnings ...