― Record full year revenue of $23.6 Billion up 44% year-over-year ―
SANTA CLARA, Calif., Jan. 31, 2023 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the fourth quarter of 2022 of $5.6 billion, gross margin of 43%, operating loss of $149 million, net income of $21 million and diluted earnings per share of $0.01. On a non-GAAP(*) basis, gross margin was 51%, operating income was $1.3 billion, net income was $1.1 billion and diluted earnings per share was $0.69.
For full year 2022, the company reported revenue of $23.6 billion, gross margin of 45%, operating income of $1.3 billion, net income of $1.3 billion and diluted earnings per share of $0.84. On a non-GAAP(*) basis, gross margin was 52%, operating income was $6.3 billion, net income was $5.5 billion and diluted earnings per share was $3.50.
GAAP Quarterly Financial Results
| Q4 2022 | Q4 2021 | Y/Y | |
| Revenue ($M) | $5,599 | $4,826 | Up 16% |
| Gross profit ($M) | $2,403 | $2,426 | Flat |
| Gross margin % | 43% | 50% | Down 740 bps |
| Operating expenses ($M) | $2,557 | $1,223 | Up 109% |
| Operating income (loss) ($M) | $(149) | $1,207 | Down 112% |
| Operating margin % | (3)% | 25% | Down 28pp |
| Net income ($M) | $21 | $974 | Down 98% |
| Earnings per share | $0.01 | $0.80 | Down 99% |
Non-GAAP(*) Quarterly Financial Results
| Q4 2022 | Q4 2021 | Y/Y | |
| Revenue ($M) | $5,599 | $4,826 | Up 16% |
| Gross profit ($M) | $2,859 | $2,427 | Up 18% |
| Gross margin % | 51% | 50% | Up 70 bps |
| Operating expenses ($M) | $1,602 | $1,103 | Up 45% |
| Operating income ($M) | $1,262 | $1,328 | Down 5% |
| Operating margin % | 23% | 27% | Down 4pp |
| Net income ($M) | $1,113 | $1,122 | Flat |
| Earnings per share | $0.69 | $0.92 | Down 25% |
Annual Financial Results
| GAAP | Non-GAAP(*) | |||||
| 2022 | 2021 | Y/Y | 2022 | 2021 | Y/Y | |
| Revenue ($M) | $23,601 | $16,434 | Up 44% | $23,601 | $16,434 | Up 44% |
| Gross profit ($M) | $10,603 | $7,929 | Up 34% | $12,273 | $7,934 | Up 55% |
| Gross margin % | 45% | 48% | Down 330bps | 52% | 48% | Up 370bps |
| Operating expenses ($M) | $9,441 | $4,293 | Up 120% | $6,030 | $3,877 | Up 56% |
| Operating income ($M) | $1,264 | $3,648 | Down 65% | $6,345 | $4,069 | Up 56% |
| Operating margin % | 5% | 22% | Down 17pp | 27% | 25% | Up 2pp |
| Net income ($M) | $1,320 | $3,162 | Down 58% | $5,504 | $3,435 | Up 60% |
| Earnings per share | $0.84 | $2.57 | Down 67% | $3.50 | $2.79 | Up 25% |
“2022 was a strong year for AMD as we delivered best-in-class growth and record revenue despite the weak PC environment in the second half of the year," said AMD Chair and CEO Dr. Lisa Su. "We accelerated our data center momentum and closed our strategic acquisition of Xilinx, significantly diversifying our business and strengthening our financial model. Although the demand environment is mixed, we are confident in our ability to gain market share in 2023 and deliver long-term growth based on our differentiated product portfolio.”
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