AMD (AMD) Investors Shrug at Q1 Earnings Beat; Gross Margin Down to 43%
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Financial Fact:
Provision (benefit) for income taxes: 4M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Shares of Advanced Micro Devices (NYSE: AMD) are trading modestly lower in Thursday's after-hours session following a first-quarter beat on the bottom line.
The chip-maker reported quarterly net income of $510 million, up 98 percent from the $257 million in net income reported during the same quarter last year. On an adjusted basis (non-GAAP), net income was $56 million, or about 8 cents per common share, down a sharp 43 percent from the 14 cent gain issued during the fourth quarter of last year. Compared to the same quarter during 2010, AMD's pro forma EPS were down about 11% from 9 cents.
AMD's quarterly revenue was $1.61 billion, up 2.5 percent from the $1.57 billion posted during the first quarter of last year and down 2.2 percent from sales of $1.65 billion last quarter.
Analysts had been looking for AMD to report quarterly EPS of 5 cents on revenue of $1.61 billion.
Gross margin, one of the most important financial metrics for any semiconductor company, fell from 47 percent and 45 percent in the first quarter of 2010 and last quarter, respectively, to 43 percent.
Tom Seifert, AMD's CFO and interim CEO, said, "First quarter operating results were highlighted by strong demand for our first generation of AMD Fusion Accelerated Processing Units (APUs). APU unit shipments greatly exceeded our expectations, and we are excited to build on that momentum now that we are shipping our 'Llano' APU."
AMD said it expects second-quarter sales to be flat to slightly down compared to the first quarter.
The chip-maker reported quarterly net income of $510 million, up 98 percent from the $257 million in net income reported during the same quarter last year. On an adjusted basis (non-GAAP), net income was $56 million, or about 8 cents per common share, down a sharp 43 percent from the 14 cent gain issued during the fourth quarter of last year. Compared to the same quarter during 2010, AMD's pro forma EPS were down about 11% from 9 cents.
AMD's quarterly revenue was $1.61 billion, up 2.5 percent from the $1.57 billion posted during the first quarter of last year and down 2.2 percent from sales of $1.65 billion last quarter.
Analysts had been looking for AMD to report quarterly EPS of 5 cents on revenue of $1.61 billion.
Gross margin, one of the most important financial metrics for any semiconductor company, fell from 47 percent and 45 percent in the first quarter of 2010 and last quarter, respectively, to 43 percent.
Tom Seifert, AMD's CFO and interim CEO, said, "First quarter operating results were highlighted by strong demand for our first generation of AMD Fusion Accelerated Processing Units (APUs). APU unit shipments greatly exceeded our expectations, and we are excited to build on that momentum now that we are shipping our 'Llano' APU."
AMD said it expects second-quarter sales to be flat to slightly down compared to the first quarter.
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