AMD has this week announced its financial results for the fourth quarter and full year for 2020, revealing the company had a 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.
“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.”
For the full year 2021, AMD expects revenue growth of approximately 37 percent over 2020 driven by growth in all businesses. AMD expects non-GAAP gross margin to be approximately 47 percent for 2021.
– Revenue of $3.24 billion was up 53 percent year-over-year and 16 percent quarter-over-quarter driven by both the Computing and Graphics segment and the Enterprise, Embedded and Semi-Custom segment.
– Gross margin was 45 percent, flat year-over-year and up 1 percentage point quarter-over-quarter.
– Operating income was $570 million compared to $348 million a year ago and operating income of $449 million in the prior quarter. Non-GAAP operating income was $663 million compared to $405 million a year ago and $525 million in the prior quarter. Operating income improvements were primarily driven by revenue growth.
– Net income was $1.78 billion, including an income tax benefit of $1.30 billion associated with a valuation allowance release, as compared to $170 million a year ago and $390 million in the prior quarter. Non-GAAP net income was $636 million compared to $383 million a year ago and $501 million in the prior quarter.
– Diluted earnings per share was $1.45, including an income tax benefit that contributed $1.06 to earnings per share, as compared to $0.15 a year ago and $0.32 in the prior quarter. Non-GAAP diluted earnings per share was $0.52 compared to $0.32 a year ago and $0.41 in the prior quarter.- Cash, cash equivalents and short-term investments were $2.29 billion at the end of the quarter.
– Operating cash flow was $554 million in the quarter compared to $442 million a year ago and $339 million in the prior quarter. Free cash flow was $480 million in the quarter compared to $400 million a year ago and $265 million in the prior quarter.
For the full AMD financial report jump over to the Tech Power Up website where the full press release is available to read.
Source : TPU
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