AMD Reports Second Quarter Results

In the first quarter of 2008 AMD had revenue from continuing operations of $1.456 billion, a net loss of $358 million, a loss from continuing operations of $308 million and an operating loss of $214 million. In the second quarter of 2007 AMD had revenue from continuing operations of $1.309 billion, a net loss of $600 million, a loss from continuing operations of $531 million and an operating loss of $396 million.

While we had a disappointing quarter financially, customer adoption of our recently introduced microprocessor and graphics products and platform offerings is strong, and we see increasing momentum across our businesses, said Robert J. Rivet, AMDs chief financial officer. In the face of challenging macroeconomic conditions, we remain committed to achieving operating profitability in the second half of the year based on the continued ramp of new products, increased market penetration of our differentiated solutions, and continued actions designed to reduce our breakeven point.

Second quarter 2008 gross margin was 52 percent. Excluding the positive impact associated with the sale of 200mm manufacturing equipment, second quarter 2008 gross margin was 37 percent, compared to 41 percent in the first quarter of 2008 and 34 percent in the second quarter of 2007.

Reconciliation of GAAP to Non-GAAP Gross Margin 2

 
(Millions except percentages)   Q2-08   Q1-08   Q2-07
GAAP Gross Margin $ 696   $ 604   $ 439  
GAAP Gross Margin %   52 %   41 %   34 %
Gain on sale of 200mm equipment   193      
Other charges       2  
Non-GAAP Gross Margin $ 503   $ 604   $ 441  
Non-GAAP Gross Margin %   37 %   41 %   34 %
Segment Information
 
(Millions)   Q2-08   vs Q1-08   vs Q2-07
Computing Solutions
Revenue $ 1,101 -8 % 0 %
Microprocessor Units   - down flat
Microprocessor Average Selling Price (ASP)   - down flat
Graphics (Including game console royalties)
Revenue $ 248 -5 % 18 %
Graphic Processor Units   - down up
Graphic Processor Average Selling Price (ASP)   - flat down

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