Advanced Micro Devices' 4Q Results, Guidance Beat Wall Street Targets -- Earnings Review
By Maria Armental
Advanced Micro Devices Inc.'s fourth-quarter results and
financial projections beat Wall Street projections, driven by
strong demand for personal-computers, gaming and data center
products amid the coronavirus pandemic. Here's what you need to
PROFIT: Net income for the quarter surged to $1.78 billion, or
$1.45 a share, from $170 million, or 15 cents a share, a year
earlier. Excluding roughly $1.3 billion tax benefit related to a
valuation allowance release and other items, profit rose to 52
cents a share from 32 cents a share a year earlier. Analysts
surveyed by FactSet expected 40 cents a share, or 47 cents a share
REVENUE: Revenue for the quarter rose to $3.24 billion from
$2.13 billion a year earlier. AMD projected about $3 billion, while
analysts recently expected $3.03 billion.
YEAR: AMD ended the year at a profit of $2.49 billion on a
record $9.76 billion in revenue, compared with a profit of $341
million and $6.73 billion in revenue a year earlier.
OUTLOOK: AMD projects about $3.2 billion in revenue this quarter
and about a 37% revenue increase for 2021. Analysts' project a
smaller increase at roughly $2.72 billion in revenue for the
quarter and $12.26 billion for the year.
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," Chief Executive
Lisa Su said in a statement.
Write to Maria Armental at firstname.lastname@example.org
(END) Dow Jones Newswires
January 26, 2021 17:18 ET (22:18 GMT)
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