AMD announced revenue for the first quarter of 2016 of $832 million, operating loss of $68 million, and net loss of $109 million, or $0.14 per share.
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Non-GAAP operating loss was $55 million and non-GAAP net loss was $96 million, or $0.12 per share.
"Our strategy to build a strong business foundation and improve financial performance through delivering great products is beginning to show benefits," said Lisa Su, AMD president and CEO.
"We continued to strengthen the performance of our Computing and Graphics business as our customers and partners show a growing preference for AMD. We are optimistic about our growth prospects in the second half of the year across our businesses based on new product introductions and design wins."
Highlights:
Q1 2016 was a 13-week fiscal quarter. Revenue of $832 million, down 13 percent sequentially and down 19 percent year-over-year. The sequential decrease was primarily due to lower sales of semi-custom SoCs. The year-over-year decline was primarily due to lower sales of semi-custom SoCs and client notebook processors.
Gross margin of 32 percent, up 2 percentage points sequentially, due primarily to a richer product mix and the mix of revenue between business segments.
Operating expenses of $344 million, compared to $332 million for the prior quarter. Non-GAAP operating expenses of $332 million, compared to non-GAAP operating expenses of $323 million in Q4 2015, primarily due to increased R&D expenses related to new products, partially offset by lower SG&A expenses.
Operating loss of $68 million, compared to an operating loss of $49 million for the prior quarter. Non-GAAP operating loss of $55 million, compared to non-GAAP operating loss of $39 million in Q4 2015, primarily due to lower sales.
Net loss of $109 million, loss per share of $0.14, and non-GAAP net loss of $96 million, non-GAAP loss per share of $0.12, compared to a net loss of $102 million, loss per share of $0.13 and non-GAAP net loss of $79 million, non-GAAP loss per share of $0.10 in Q4 2015.
Cash and cash equivalents were $716 million at the end of the quarter, down $69 million from the end of the prior quarter, due to lower sales and higher debt interest payments, partially offset by $52 million of cash received related to our newly announced IP licensing agreement.
Total debt at the end of the quarter was $2.24 billion, flat from the prior quarter. ■