AMD Q2 revenue $1,027 million, operating loss $8 million
Staff Writer |
AMD announced revenue for the second quarter of 2016 of $1,027 million, operating loss of $8 million, and net income of $69 million, or $0.08 per diluted share.
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Non-GAAP operating income was $3 million and non-GAAP net loss was $40 million, or $0.05 per share.
Operating expenses of $353 million, compared to $344 million for the prior quarter. Non-GAAP operating expenses of $342 million, compared to non-GAAP operating expenses of $332 million in Q1 2016, primarily due to increased marketing investments.
Operating loss of $8 million, compared to an operating loss of $68 million in Q1 2016. Non-GAAP operating income of $3 million, compared to non-GAAP operating loss of $55 million in Q1 2016, primarily due to higher sales.
Net income of $69 million, earnings per share of $0.08, and non-GAAP net loss of $40 million, non-GAAP loss per share of $0.05. This is compared to a 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 in Q1 2016.
The GAAP sequential and year-over-year improvements were primarily due to a gain of $150 million related to the formation of our assembly, test, mark and pack (ATMP) joint venture (JV) with Nantong Fujitsu Microelectronics Co., Ltd. (NFME), partially offset by related taxes of $27 million.
The non-GAAP sequential and year-over-year improvements were primarily due to higher sales and an IP licensing gain.
Cash and cash equivalents were $957 million at the end of the quarter, up $241 million from the end of the prior quarter, primarily due to net cash proceeds received from the ATMP JV transaction with NFME which closed in Q2 2016.
Total debt at the end of the quarter was $2.24 billion, flat from the prior quarter. ■
An upper level high pressure system is expected to continue aiding well above average and potentially dangerous temperatures throughout the West into the first full weekend of September.