― Quarterly revenue of $3.24B up 53% year-over-year; Full year revenue of $9.76B up 45%; quarterly and full year net income more than doubled from prior year ―
SANTA CLARA, Calif., Jan. 26, 2021 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the fourth quarter of 2020 of $3.24 billion, operating income of $570 million, net income of $1.78 billion and diluted earnings per share of $1.45. Fourth quarter net income included an income tax benefit of $1.30 billion associated with a valuation allowance release, which contributed $1.06 to EPS. On a non-GAAP(*) basis, operating income was $663 million, net income was $636 million and diluted earnings per share was $0.52.
For full year 2020, the company reported revenue of $9.76 billion, operating income of $1.37 billion, net income of $2.49 billion and diluted earnings per share of $2.06. Full year results included a fourth quarter income tax benefit of $1.30 billion associated with a valuation allowance release, which contributed $1.07 to annual EPS. On a non-GAAP(*) basis, operating income was $1.66 billion, net income was $1.58 billion and diluted earnings per share was $1.29.
GAAP Quarterly Financial Results
| Q4 2020 | Q4 2019 | Y/Y | Q3 2020 | Q/Q | |
| Revenue ($M) | $3,244 | $2,127 | Up 53% | $2,801 | Up 16% |
| Gross profit ($M) | $1,451 | $949 | Up 53% | $1,230 | Up 18% |
| Gross margin | 45% | 45% | Flat | 44% | Up 1pp |
| Operating expenses ($M) | $881 | $601 | Up 47% | $781 | Up 13% |
| Operating income ($M) | $570 | $348 | Up 64% | $449 | Up 27% |
| Tax Valuation Allowance Release Benefit ($M) | $1,301 | -- | -- | -- | -- |
| Net income ($M) | $1,781 | $170 | Up 948% | $390 | Up 357% |
| Earnings per share | $1.45 | $0.15 | Up 867% | $0.32 | Up 353% |
Non-GAAP <
