AMD Reports Third Quarter 2024 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 28,
2024
 June 29,
2024
 September 30,
2023
 September 28,
2024
 September 30,
2023
Net revenue$6,819  $5,835  $5,800  $18,127  $16,512 
Cost of sales 3,167   2,740   2,843   8,590   8,236 
Amortization of acquisition-related intangibles 233   231   210   694   727 
Total cost of sales 3,400   2,971       3,053       9,284       8,963  
Gross profit   3,419       2,864       2,747       8,843       7,549  
Gross margin   50 %     49 %     47 %     49 %     46 %
Research and development   1,636       1,583       1,507       4,744       4,361  
Marketing, general and administrative   721       650       576       1,991       1,708  
Amortization of acquisition-related intangibles   352       372       450       1,116       1,449  
Licensing gain   (14 )     (10 )     (10 )     (37 )     (28 )
Operating income   724       269       224       1,029       59  
Interest expense   (23 )     (25 )     (26 )     (73 )     (79 )
Other income (expense), net   36       55       59       144       148  
Income before income taxes and equity income   737       299       257       1,100       128  
Income tax provision (benefit)   (27 )     41       (39 )     (38 )     (49 )
Equity income in investee   7       7       3       21       10  
Net income $ 771     $ 265     $ 299     $ 1,159     $ 187  
Earnings per share                  
Basic $ 0.48     $ 0.16     $ 0.18     $ 0.72     $ 0.12  
Diluted $ 0.47     $ 0.16     $ 0.18     $ 0.71     $ 0.11  
Shares used in per share calculation                  
Basic   1,620       1,618       1,616       1,619       1,613  
Diluted   1,636       1,637       1,629       1,638       1,625  

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