Advanced Micro Devices Inc. (NYSE: AMD) reported fourth-quarter and full fiscal year 2013 earnings after markets closed today. For the quarter, the chipmaker posted an adjusted diluted earnings per share (EPS) loss of $0.14 on revenues of $1.16 billion. In the same period a year ago, the company reported EPS of $0.19 on revenues of $1.69 billion. Fourth-quarter results also compare to the Thomson Reuters consensus estimate for an EPS loss of $0.20 on $1.15 billion in revenues.
The company reported a full-year EPS loss of $0.16 on revenues of $5.42 billion compared with a consensus estimate for a loss of $0.23 on revenues of $5.42 billion. In 2011, AMD posted full-year EPS of $0.50 on revenues of $6.57 billion.
On a GAAP basis, AMD posted an EPS loss of $0.63 for the quarter and a loss of $1.60 for the full fiscal year.
The company’s CEO said:
AMD continues to evolve our operating model and diversify our product portfolio with the changing PC environment. Innovation is the core of our long-term growth. The investments we are making in technology today are focused on leveraging our distinctive IP to drive growth in ultra low power client devices, semi-custom SoCs and dense servers. We expect to deliver differentiated and groundbreaking APUs to our customers in 2013 and remain focused on transforming our operating model to the business realities of today.
It appears that AMD will be putting off profits for while longer. The company said it expects first quarter 2013 revenues to fall by 9% sequentially.
AMD is now pinning its hopes on low-power designs from ARM Holdings PLC (NASDAQ: ARMH), and there is speculation that the company may gain some design wins because of these new chips. Missing out on the mobile device explosion hurt AMD more than anything else this year, and by the time it gets its new designs out, the train will have not only left the station, but may have disappeared over the horizon.
AMD’s shares are up about 2.5% in after-hours trading today, at $2.51 in a 52-week range of $1.81 to $8.35. The consensus target price for the shares was around $2.75 before today’s report.