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Advanced Micro Devices Inc. Q3 FY2023 results: revenue $5.8 billion, up 4.2% on the year

Advanced Micro Devices Inc. (AMD) reported revenue of $5.8 billion for Q3 FY2023, the quarter ended 30 September 2023, up 4.2% on the same quarter a year earlier. Net income was $299 million, up 353.0% on the year, and diluted earnings per share $0.18. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$5.8 billionup 4.2%
Net income$299 millionup 353.0%
Diluted EPS$0.18
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue5,800n/an/an/a
Cost of revenue3,053n/an/an/a
Gross profit2,747n/an/an/a
Gross margin47.4%n/an/a
Research and development1,507n/an/an/a
Selling, general and administrative576n/an/an/a
Operating income224n/an/an/a
Operating margin3.9%n/an/a
Interest expense26.0n/an/an/a
Pre-tax income257n/an/an/a
Income tax-39.0n/an/an/a
Effective tax rate-15.2%n/an/a
Net income299n/an/an/a
Net margin5.2%n/an/a
Diluted EPS$0.18n/an/an/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow421n/an/an/a
Capital expenditure124n/an/an/a
Free cash flow297n/an/an/a
Free cash flow margin5.1%n/an/a
Share-based compensation353n/an/an/a
Buybacks511n/an/an/a
Diluted shares, weighted1,629mn/an/an/a
Shares outstanding at period end1,615mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Total assets67,626n/an/an/a
Cash and equivalents3,561n/an/an/a
Receivables5,054n/an/an/a
Inventory4,445n/an/an/a
Goodwill24,186n/an/an/a
Total debt, as filed2,467n/an/an/a
Long-term debt1,715n/an/an/a
Operating lease liabilities395n/an/an/a
Shareholders' equity54,970n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue5,8006,1685,4735,8356,8197,6587,4387,6859,24610,27010,25311,536
Cost of revenue3,0533,2572,9132,9713,4003,7763,7024,6264,4664,6934,8375,333
Gross profit2,7472,9112,5602,8643,4193,8823,7363,0594,7805,5775,4166,203
Gross margin47%47%47%49%50%51%50%40%52%54%53%54%
R&D1,5071,5111,5251,5831,6361,7121,7281,8942,1392,3302,3972,528
SG&A5766446206507217928869911,0691,1981,2531,401
Operating income22434236.0269724871806-1341,2701,7521,4761,990
Operating margin4%6%1%5%11%11%11%-2%14%17%14%17%
Interest expense26.027.025.025.023.019.020.038.037.036.037.037.0
Pre-tax income25736464.0299737889825-74.01,3152,0741,6042,551
Tax rate-15%-82%-81%14%-4%47%15%n/a12%22%15%10%
Net income2996671232657714827098721,2431,5111,3832,297
Net margin5%11%2%5%11%6%10%11%13%15%13%20%
Diluted EPS$0.18$0.42$0.07$0.16$0.47$0.30$0.44$0.54$0.75$0.92$0.84$1.38
Operating cash flow4213815215936281,2999392,0112,1592,6002,9552,366
Capital expenditure124139142154132208212282258222389808
Free cash flow2972423794394961,0917271,7291,9012,3782,5661,558
Buybacks5112334.035225025674947889.00.02210.0
Shares outstanding1,615m1,616m1,618m1,618m1,623m1,622m1,616m1,622m1,628m1,630m1,630m1,632m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0000002488-23-000195: the filing on EDGAR. All of Advanced Micro Devices Inc.'s filings: EDGAR company page.

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