― Data Center, Gaming and Embedded segments each grew significantly year-over-year and Client segment revenue was lower than expected ―
― Cash and operating cash flow increased year-over-year ―
SANTA CLARA, Calif., Nov. 01, 2022 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the third quarter of 2022 of $5.6 billion, gross margin of 42%, operating loss of $64 million, net income of $66 million and diluted earnings per share of $0.04. On a non-GAAP(*) basis, gross margin was 50%, operating income was $1.3 billion, net income was $1.1 billion and diluted earnings per share was $0.67.
GAAP Quarterly Financial Results
| Q3 2022 | Q3 2021 | Y/Y | |||||
| Revenue ($M) | $ | 5,565 | $ | 4,313 | Up 29% | ||
| Gross profit ($M) | $ | 2,354 | $ | 2,086 | Up 13% | ||
| Gross margin % | 42 | % | 48 | % | Down 610 bps | ||
| Operating expenses ($M) | $ | 2,426 | $ | 1,141 | Up 113% | ||
| Operating income (loss) ($M) | $ | (64 | ) | $ | 948 | Down 107% | |
| Operating margin % | (1 | )% | 22 | % | Down 23pp | ||
| Net income ($M) | $ | 66 | $ | 923 | Down 93% | ||
| Earnings per share | $ | 0.04 | $ | 0.75 | Down 95% | ||
Non-GAAP(*) Quarterly Financial Results
| Q3 2022 | Q3 2021 | Y/Y | |||||
| Revenue ($M) | $ | 5,565 | $ | 4,313 | Up 29% | ||
| Gross profit ($M) | $ | 2,776 | $ | 2,087 | Up 33% | ||
| Gross margin % | 50 | % | 48 | % | Up 150 bps | ||
| Operating expenses ($M) | $ | 1,520 | $ | 1,035 | Up 47% | ||
| Operating income ($M) | $ | 1,264 | $ | 1,055 | Up 20% | ||
| Operating margin % | 23 | % | 24 | % | Down 1pp | ||
| Net income ($M) | $ | 1,095 | $ | 893 | Up 23% | ||
| Earnings per share | $ | 0.67 | $ | 0.73 | Down 8% | ||
“Third quarter results came in below our expectations due to the softening PC market and substantial inventory reduction actions across the PC supply chain," said AMD Chair and CEO Dr. Lisa Su. "Despite the challenging macro environment, we grew revenue 29% year-over-year driven by increased sales of our data center, embedded and game console products. We are confident that our leadership product portfolio, strong balance sheet, and ongoing growth opportunities in our data center and embedded businesses position us well to navigate the current market dynamics.”
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