NEW YORK, July 24, 2015 /PRNewswire/ --
ACI Association has initiated research coverage on Advanced Micro Devices, Inc. (NASDAQ: AMD). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.
Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=AMD
Highlights from our AMD Report include:
- Q2 2015 Revenue Update - On July 16, 2015, Advanced Micro Devices, Inc. (AMD) reported its Q2 FY 2015 results (period ended June 27, 2015). AMD's Q2 revenue of $942 million (down 8% QoQ and down 35% YoY) matched the guidance provided in its update released on July 6, 2015.
- Decline in Segment Performance - The Company's Computing and Graphics segment sales fell 54% YoY to $379 million; the division reported an operating loss of $147 million. Enterprise, Embedded, and Semi-Custom revenue rose 13% sequentially, primarily driven by higher sales of semi-custom SoCs, and fell 8% YoY to $563 million, primarily driven by decreased server sales and lower non-recurring engineering (NRE) revenue. The division reported a $27 million in operating profit.
- Not-so-good Margins - Gross margin was 25%, versus 32% reported in the previous quarter. Operating loss was $137 million, which remained flat compared to the previous quarter. Net loss came in at $181 million or $0.23 per share, compared to a net loss of $180 million or $0.23 per share in Q1 2015.
- AMD's Q3 2015 Revenue Outlook - As per the Company press release, AMD expects revenue to increase 6%, plus or minus 3%, sequentially in Q3 2015. Moreover, non-GAAP operating expenses are expected to be c. $340 million, while cash and cash equivalents are anticipated to come c. $700 million.
- Highlights about Recent Corporate Actions - AMD has provided an update about its multi-year strategy which focused on delivering a broad set of high-performance, differentiated products across the key areas of gaming, immersive platforms, and the datacenter at its 2015 Financial Analyst Day event. AMD also informed about its forthcoming x86 processor core (codenamed "Zen"), which would provide high-performance client and server computing.
To find out how this influences our rating on Advanced Micro Devices, Inc., read the full report in its entirety here: http://www.aciassociation.com/?c=AMD
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