Advanced Micro Devices, Inc. (NYSE:AMD) released its latest quarterly earnings report after closing bell. The company reported $1.59 billion in revenue, which is a sequential increase of 9% and a 38% increase year over year. Net income was $89 million or earnings of 12 cents per share. Non-GAAP net income was $45 million or 6 cents per share in earnings.
Analysts had been expecting the company to report earnings of between 2 cents and 6 cents per share on revenue of between $1.41 billion and $1.5 billion for the quarter. They were expecting a loss of 12 cents per share and revenue of $5.3 billion for the full 2013 fiscal year.
AMD shares declined as much as 9% in after-hours trading after the report, which included first quarter guidance which was weaker than expected.
Breaking down AMD's results
Advanced Micro Devices, Inc. (NYSE:AMD) reported gross margins of 35% and operating income of $135 million. Non-GAAP operating income was $91 million.
The company reported a 9% sequential decrease in revenue from its Computing Solutions segment. It cited falling unit shipments in chipsets and notebooks. Operating loss for the segment was $7 million, compared with income of $22 million in the previous quarter.
AMD reported a 29% sequential increase and 165% year over year increase in revenue from its Graphics and Visual Solutions revenue. It said the main driver of those increases was their semi-custom SoCs. Operating income for the segment was $121 million, compared with $79 million in the previous quarter.
AMD reports full-year earnings
For the full 2013 fiscal year, Advanced Micro Devices, Inc. (NYSE:AMD) reported revenue of $5.3 billion, which is a 2% decline year over year. Gross margins were 37%, while operating income was $103 million. The company posted a net loss of $83 million or 11 cents per share for the full year, coming in slightly ahead of consensus there.
AMD also provided guidance for the first quarter of 2014. It expects to see a 16% decline in revenue year over year, plus or minus 3%.