Advanced Micro Devices (AMD) saw its loss narrow to $51 million, or $0.06 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $102 million, or $0.13 a share. On the other hand, adjusted net loss for the quarter narrowed to $8 million, or $0.01 a share from a loss of $79 million or $0.10 a share, a year ago.
Revenue during the quarter grew 15.45 percent to $1,106 million from $958 million in the previous year period. Gross margin for the quarter expanded 220 basis points over the previous year period to 31.74 percent. Operating margin for the quarter stood at negative 0.27 percent as compared to a negative 5.11 percent for the previous year period.
Operating loss for the quarter was $3 million, compared with an operating loss of $49 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $26 million compared to operating loss of $39 million in prior year period.
"We met our strategic objectives in 2016, successfully executing our product roadmaps, regaining share in key markets, strengthening our financial foundation, and delivering annual revenue growth," said Dr. Lisa Su, AMD president and chief executive officer. "As we enter 2017, we are well positioned and on-track to deliver our strongest set of high-performance computing and graphics products in more than a decade."
For the first-quarter 2017, Advanced Micro Devices projects revenue to decline in the range of 14 percent to 8 percent.
Operating cash flow turns positive
Advanced Micro Devices has generated cash of $90 million from operating activities during the year as against cash outgo of $237 million in the last year.
Cash flow from investing activities was $267 million for the year, up 81.63 percent or $120 million, when compared with the last year.
Cash flow from financing activities was $122 million for the year, up 74.29 percent or $52 million, when compared with the last year.
Cash and cash equivalents stood at $1,264 million as on Dec. 31, 2016, up 61.02 percent or $479 million from $785 million on Dec. 26, 2015.
Working capital increases sharply
Advanced Micro Devices has recorded an increase in the working capital over the last year. It stood at $1,184 million as at Dec. 31, 2016, up 29.12 percent or $267 million from $917 million on Dec. 26, 2015. Current ratio was at 1.88 as on Dec. 31, 2016, up from 1.65 on Dec. 26, 2015.
Debt comes down significantly
Advanced Micro Devices has recorded a decline in total debt over the last one year. It stood at $1,435 million as on Dec. 31, 2016, down 35.85 percent or $802 million from $2,237 million on Dec. 26, 2015. Total debt was 43.21 percent of total assets as on Dec. 31, 2016, compared with 71.95 percent on Dec. 26, 2015.
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