AMD Reports Third Quarter 2023 Financial Results



ADVANCED MICRO DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Millions except per share amounts and percentages) (Unaudited)

 Three Months Ended Nine Months Ended
 September 30,
2023
 July 1,
2023
 September 24,
2022
 September 30,
2023
 September 24,
2022
Net revenue$5,800  $5,359  $5,565  $16,512  $18,002 
Cost of sales 2,843   2,704   2,799   8,236   8,797 
Amortization of acquisition-related intangibles 210   212   412   727   1,005 
Total cost of sales 3,053   2,916       3,211       8,963       9,802  
Gross profit   2,747       2,443       2,354       7,549       8,200  
Gross margin   47 %     46 %     42 %     46 %     46 %
Research and development   1,507       1,443       1,279       4,361       3,639  
Marketing, general and administrative   576       547       557       1,708       1,746  
Amortization of acquisition-related intangibles   450       481       590       1,449       1,499  
Licensing gain   (10 )     (8 )     (8 )     (28 )     (97 )
Operating income (loss)   224       (20 )     (64 )     59       1,413  
Interest expense   (26 )     (28 )     (31 )     (79 )     (69 )
Other income (expense), net   59       46       22       148       (24 )
Income (loss) before income taxes and equity income   257       (2 )     (73 )     128       1,320  
Income tax provision (benefit)   (39 )     (23 )     (135 )     (49 )     32  
Equity income in investee   3       6       4       10       11  
Net income $ 299     $ 27     $ 66     $ 187     $ 1,299  
Earnings per share                  
Basic $ 0.18     $ 0.02     $ 0.04     $ 0.12     $ 0.84  
Diluted $ 0.18     $ 0.02     $ 0.04     $ 0.11     $ 0.84  
Shares used in per share calculation                  
Basic   1,616       1,612       1,615       1,613       1,542  
Diluted   1,629       1,627       1,625       1,625       1,555  

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