This afternoon, AMD announced their second quarter earnings for the 2016 fiscal year. It’s been a while, but AMD finds itself in the black for this quarter, with higher revenues, and thanks to $150 million from a joint venture with Nantong Fujitsu Microelectronics, AMD’s net income found its way into the positive column. AMD had revenues of $1.027 billion for the quarter, which is up 23% from last quarter, and more importantly up 9% from a year ago. Gross margin for the quarter was 31%, which is still not what AMD wants or needs to maintain profitability, but it is up 6% from their Q2 2015 results which is good news for the company. AMD did record an operating loss for the quarter of $8 million, but that’s a big improvement compared to the $68 million loss last quarter and $137 million loss in Q2 2015. Net income for this quarter was $68 million, or $0.08 per share, compared to a net loss of $109 million last quarter and a $181 million loss a year ago.
| AMD Q2 2016 Financial Results (GAAP) | |||||
| Q2'2016 | Q1'2016 | Q2'2015 | |||
| Revenue | $1027M | $832M | $942M | ||
| Gross Margin | 31% | 32% | 25% | ||
| Operating Income | -$8M | -$68M | -$137M | ||
| Net Income | $69M | -$109M | -$181M | ||
| Earnings Per Share | $0.08 | -$0.14 | -$0.23 | ||
AMD also released Non-GAAP results which exclude restructuring charges and some other results. On a Non-GAAP basis, AMD had the same $1.027 billion in revenue, but showed a slight operating income of $3 million, compared to a $55 million operating loss last quarter and a $87 million loss last year. Looking at net results, AMD had a net loss of $40 million, or $0.05 per share, compared to a $96 million net loss last quarter and a $131 million net loss a year ago.
| AMD Q2 2016 Financial Results (Non-GAAP) | |||||
| Q2'2016 | Q1'2016 | Q2'2015 | |||
| Revenue | $1027M | $832M | $942M | ||
| Gross Margin | 31% | 32% | 28% | ||
| Operating Income | $3M | -$55M | -$87M | ||
| Net Income | -$40M | -$96M | -$131M | ||
| Earnings Per Share | -$0.05 | -$0.12 | -$0.17 | ||
AMD attributes their revenue increase primarily to higher sales of its semi-custom SoCs, and with the announcement of the Xbox One Scorpio AMD has secured another design win there. Overall the Enterprise, Embedded, and Semi-Custom segment had revenues of $592 million for the quarter, which is up 5% from a year ago, once again attributed to the increased sales of semi-custom SoCs. The segment had an operating income of $84 million for the quarter, up from $27 million in Q2 2015.
| AMD Q2 2016 Enterprise, Embedded, and Semi-Custom | |||||
| Q2'2016 | Q1'2016 | Q2'2015 | |||
| Revenue | $592M | $372M | $563M | ||
| Operating Income | $84M | $16M | $27M | ||
AMD’s Computing and Graphics segment just had an important quarter with the launch of their first FinFet GPU design in the AMD Radeon RX 480. They’ve also been releasing several Carrizo based APUs and CPUs, as well as announcing Bristol Ridge, and all the while working on Zen. The Computing and Graphics segment had revenues of $435 million for the quarter, which is up 15% from Q2 2015. Notebook processor and GPU sales have been tagged as the reason for the revenue increase. The segment had an operating loss of $81 million, which is better than the $147 million operating loss a year ago, but still a bit way from profitability. Lowered expenses have helped them here quite a bit, but they still have some work to do. AMD’s average selling price of their notebook APUs decreased compared to Q2 2015, and GPU average selling price also declined.
| AMD Q2 2016 Computing and Graphics | |||||
| Q2'2016 | Q1'2016 | Q2'2015 | |||
| Revenue | $435M | $460M | $379M | ||
| Operating Income | -$81M | -$70M | -$147M | ||
Looking ahead to next quarter, AMD is expecting revenues to increase 18% from this quarter, plus or minus 3%.
Source: AMD Investor Relations
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