― Quarterly revenue of $3.24B up 53% year-over-year; Full year revenue of $9.76B up 45%; quarterly and full year net income more than doubled from prior year ―
SANTA CLARA, Calif., Jan. 26, 2021 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the fourth quarter of 2020 of $3.24 billion, operating income of $570 million, net income of $1.78 billion and diluted earnings per share of $1.45. Fourth quarter net income included an income tax benefit of $1.30 billion associated with a valuation allowance release, which contributed $1.06 to EPS. On a non-GAAP(*) basis, operating income was $663 million, net income was $636 million and diluted earnings per share was $0.52.
For full year 2020, the company reported revenue of $9.76 billion, operating income of $1.37 billion, net income of $2.49 billion and diluted earnings per share of $2.06. Full year results included a fourth quarter income tax benefit of $1.30 billion associated with a valuation allowance release, which contributed $1.07 to annual EPS. On a non-GAAP(*) basis, operating income was $1.66 billion, net income was $1.58 billion and diluted earnings per share was $1.29.
GAAP Quarterly Financial Results
| Q4 2020 | Q4 2019 | Y/Y | Q3 2020 | Q/Q | |
| Revenue ($M) | $3,244 | $2,127 | Up 53% | $2,801 | Up 16% |
| Gross profit ($M) | $1,451 | $949 | Up 53% | $1,230 | Up 18% |
| Gross margin | 45% | 45% | Flat | 44% | Up 1pp |
| Operating expenses ($M) | $881 | $601 | Up 47% | $781 | Up 13% |
| Operating income ($M) | $570 | $348 | Up 64% | $449 | Up 27% |
| Tax Valuation Allowance Release Benefit ($M) | $1,301 | -- | -- | -- | -- |
| Net income ($M) | $1,781 | $170 | Up 948% | $390 | Up 357% |
| Earnings per share | $1.45 | $0.15 | Up 867% | $0.32 | Up 353% |
Non-GAAP(*) Quarterly Financial Results
| Q4 2020 | Q4 2019 | Y/Y | Q3 2020 | Q/Q | |
| Revenue ($M) | $3,244 | $2,127 | Up 53% | $2,801 | Up 16% |
| Gross profit ($M) | $1,452 | $950 | Up 53% | $1,231 | Up 18% |
| Gross margin | 45% | 45% | Flat | 44% | Up 1pp |
| Operating expenses ($M) | $789 | $545 | Up 45% | $706 | Up 12% |
| Operating income ($M) | $663 | $405 | Up 64% | $525 | Up 26% |
| Net income ($M) | $636 | $383 | Up 66% | $501 | Up 27% |
| Earnings per share | $0.52 | $0.32 | Up 63% | $0.41 | Up 27% |
Annual Financial Results
| GAAP | Non-GAAP(*) | |||||
| 2020 | 2019 | Y/Y | 2020 | 2019 | Y/Y | |
| Revenue ($M) | $9,763 | $6,731 | Up 45% | $9,763 | $6,731 | Up 45% |
| Gross profit ($M) | $4,347 | $2,868 | Up 52% | $4,353 | $2,874 | Up 51% |
| Gross margin | 45% | 43% | Up 2pp | 45% | 43% | Up 2pp |
| Operating expenses ($M) | $2,978 | $2,297 | Up 30% | $2,696 | $2,094 | Up 29% |
| Operating income ($M) | $1,369 | $631 | Up 117% | $1,657 | $840 | Up 97% |
| Tax Valuation Allowance Release Benefit ($M) | $1,301 | -- | -- | -- | -- | -- |
| Net income ($M) | $2,490 | $341 | Up 630% | $1,575 | $756 | Up 108% |
| Earnings per share | $2.06 | $0.30 | Up 587% | $1.29 | $0.64 | Up 102% |
“We significantly accelerated our business in 2020, delivering record annual revenue while expanding gross margin and more than doubling net income from 2019,” said Dr. Lisa Su, AMD president and CEO. “Our 2021 financial outlook highlights the strength of our product portfolio and robust demand for high-performance computing across the PC, gaming and data center markets. We are excited about the opportunities ahead and very confident in our long-term strategy as we continue executing our leadership product roadmaps.”
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