AMD Reports Fourth Quarter and Full Year 2020 Financial Results

� 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

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