Shulou(Shulou.com)11/24 Report--

On the morning of February 1, Beijing time, AMD today released the company's fourth quarter and full-year results for fiscal year 2022. AMD's fourth-quarter revenue was $5.599 billion (currently about 37.793 billion yuan), up 16 percent from $4.826 billion a year earlier, while net profit was $21 million (currently about 142 million yuan), down 98 percent from $974 million a year earlier, according to the report Adjusted net profit, not in accordance with GAAP, was $1.113 billion (currently about 7.513 billion yuan), roughly unchanged from $1.122 billion a year earlier.

AMD's fourth-quarter revenue and adjusted earnings per share beat Wall Street analysts' expectations, and revenue for the full year of fiscal 2022 also exceeded expectations, but adjusted earnings per share fell slightly below analysts' expectations. In terms of performance outlook, AMD's outlook for revenue in the first quarter of fiscal 2023 fell short of analysts' expectations. AMD shares rose more than 3 per cent in after-hours trading after the announcement.

Summary of fourth quarter results: AMD's net income for the quarter ended December 31, 2022 was $21 million, or $.01 per share, much lower than in the same period a year earlier. In the fourth quarter of fiscal 2021, AMD's net income was $974 million, or 80 cents per share.

Excluding some one-time items (not in accordance with GAAP), AMD's fourth-quarter adjusted net income was $1.113 billion, roughly flat from $1.122 billion a year earlier; adjusted earnings per share were 69 cents, compared with 92 cents a year ago, down 25 percent from a year earlier, but still beat Wall Street analysts' expectations. On average, 28 analysts had expected AMD to earn 67 cents a share in the fourth quarter, according to Yahoo Finance.

AMD's fourth-quarter revenue was $5.599 billion, up 16% from $4.826 billion a year earlier, which also slightly beat analysts' expectations. On average, 27 analysts expect AMD's fourth-quarter revenue to reach $5.5 billion, according to Yahoo Finance.

AMD posted an operating loss of $149 million in the fourth quarter, compared with an operating profit of $1.207 billion a year earlier, equivalent to a year-on-year decline of 112%. AMD's fourth-quarter operating margin was-3 per cent, down 28 percentage points from 25 per cent a year earlier.

Excluding some one-time items (not in accordance with US GAAP), AMD's adjusted operating profit was $1.262 billion in the fourth quarter, compared with $1.328 billion in the same period a year earlier, down 5 per cent from a year earlier. Excluding some one-time items (not in accordance with GAAP), AMD's adjusted operating profit margin was 23% in the fourth quarter, down 4 percentage points from 27% a year earlier.

Revenue and operating profit by business unit:-AMD data center division's fourth-quarter revenue was $1.655 billion, up 42% from $1.163 billion a year earlier; operating profit was $444 million, compared with $369 million a year earlier; and operating margin was 27%, compared with 32% a year earlier.

-the customer division had revenue of $903 million in the fourth quarter, down 51% from $1.829 billion in the same period last year, and an operating loss of $152 million, compared with an operating profit of $530 million in the same period last year.

-the gaming division's fourth-quarter revenue was $1.644 billion, down 7% from $1.763 billion a year earlier; operating profit was $266 million, compared with $407 million in the same period last year; and operating profit margin was 16%, compared with 23% in the same period last year.

-the embedded products division's fourth-quarter revenue was $1.397 billion, up 1868% from $71 million in the same period last year; operating profit was $699 million, compared with $18 million in the same period last year; and operating profit margin was 50%, compared with 25% in the same period last year.

-all other divisions posted an operating loss of $1.406 billion in the fourth quarter, compared with a $117 million operating loss in the same period last year.

AMD's operating expenses were $2.557 billion in the fourth quarter, up 109 per cent from $1.223 billion a year earlier. Of this total, AMD spent $1.366 billion on research and development in the fourth quarter, compared with $811 million in the same period last year, and $590 million in marketing, general and administrative expenses, compared with $412 million in the same period last year. Excluding some one-time items (not in accordance with GAAP), AMD adjusted operating expenses were $1.602 billion in the fourth quarter, up 45 per cent from $1.103 billion a year earlier.

AMD's fourth-quarter gross profit was $2.403 billion, roughly flat from $2.426 billion a year earlier. Excluding certain one-time items (not in accordance with GAAP), AMD's adjusted gross profit for the fourth quarter was $2.859 billion, up 18% from $2.427 billion a year earlier.

AMD's fourth-quarter gross margin was 43 per cent, down 740bp from 50 per cent a year earlier. Excluding some one-time items (not in accordance with US GAAP), AMD's adjusted gross margin for the fourth quarter was 51 per cent, up 70 basis points from 50 per cent a year earlier.

Summary of full-year results: AMD's full-year revenue was $23.601 billion, up 44% from $16.434 billion in fiscal 2021; gross profit was $10.603 billion, up 34% from $7.929 billion in fiscal 2021; gross profit margin was 45%, down 330bp from 48% in fiscal 2021; operating expenses were $9.441 billion, up 120% from $4.293 billion in fiscal 2021 Operating profit was $1.264 billion, compared with $3.648 billion in fiscal 2021, down 65% from a year earlier; operating profit margin was 5%, down 17 percentage points from 22% in fiscal 2021; net profit was $1.32 billion, compared with $3.162 billion in fiscal 2021, down 58% from a year earlier Earnings per share were 84 cents, compared with earnings per share of $2.57 in fiscal 2021, down 67 percent from a year earlier.

Excluding certain one-time items (not in accordance with GAAP), AMD's adjusted gross profit for the whole year was $12.273 billion, up 55% from $7.934 billion in fiscal year 2021; adjusted gross profit margin was 52%, up 370bp from 48% in fiscal year 2021; adjusted operating expenses were $6.03 billion, compared with $3.877 billion in fiscal year 2021, an increase of 56% Adjusted operating profit was $6.345 billion, compared with adjusted operating profit of $4.069 billion in fiscal 2021, up 56% from a year earlier; adjusted net profit was $5.504 billion, compared with adjusted net profit of $3.435 billion in fiscal 2021, up 60% from a year earlier; adjusted earnings per share were $3.50, compared with adjusted earnings per share of $2.79 in fiscal 2021, up 25% from a year earlier.

AMD's full-year revenue beat analysts' expectations, but adjusted earnings per share were slightly lower than analysts' expectations. According to data provided by Yahoo Finance, 36 analysts had expected AMD's full-year revenue to reach $23.51 billion, while 31 analysts had expected AMD's full-year adjusted earnings per share to reach $3.51.

Performance outlook: AMD expects revenue of about $5.3 billion in the first quarter of fiscal 2023, up and down $300 million, down 10% from a year earlier, a performance outlook that fell short of analysts' expectations. On average, 27 analysts now expect AMD's first-quarter revenue to reach $5.48 billion, according to Yahoo Finance. In addition, AMD expects gross profit margins for the first quarter of fiscal 2023 to be about 50 per cent, excluding GAAP.

AMD expects revenue from customers and gaming businesses to decline in the first quarter of fiscal 2023, partially offset by revenue growth from embedded and data center businesses.

Share price movements: AMD shares rose $2.70, or 3.73%, to close at $75.15 in regular Nasdaq trading. AMD shares rose another $2.40, or 3.19%, to $77.55 in after-hours trading as of 05:11 EDT on Tuesday (05:15 Beijing time on Wednesday). In the past 52 weeks, the highest price for AMD is $132.96 and the lowest price is $54.57.

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