Despite a rocky quarter which involved three key executives departing the company, AMD (NASDAQ: AMD) reported earnings Tuesday that missed Wall Street’s expectations for earnings but hit revenue targets.
For the quarter, AMD reported a net loss of $364 million or 47 cents per share on revenue of $124 million. For the 2014 fiscal year, AMD reported a loss of $403 million — up from last year’s loss of $83 million — on revenue of $5.51 billion. This represents an increase of 4% year-over-year.
Looking at AMD’s various divisions, revenue from the Computing and Graphics division was $662 million for fiscal 2014. For the year prior, revenue was $888 million. Quarter-over-quarter revenue declined by 16%.
For the Enterprise, Embedded and Semi-Custom division earnings were for the quarter came in at $109 million compared with $108 million in Q3 2014 and $129 million during the same quarter last year. Annually revenue was down 51% when compared to 2013 due to slower sales of semi-custom SoCs.
Some analysts expected AMD’s earnings call to be a disaster, as some saw the departure of three key executives a warnings sign of things to come.
In a press release, Lisa Su, the CEO of AMD had the following prepared remarks:
We made progress diversifying our business, ramping design wins and improving our balance sheet this past year despite challenges in our PC business. Annual Enterprise, Embedded and Semi-Custom segment revenue increased over 50 percent as customer demand for products powered by our high-performance compute and rich visualization solutions was strong. We continue to address channel headwinds in the Computing and Graphics segment and are taking steps to return it to a healthy trajectory beginning in the second quarter of 2015.
Going forward, AMD is going to heavily lean on Carrizo — a high-end APU formally introduced at an event in Singapore earlier in the fall — for revenue in 2015.
“Consumer and commercial design-win momentum for Carrizo continues to gain momentum because it will deliver the largest ever generational leap in performance-per-watt for our mainstream processors,” Su said in an earnings call.
Shares of AMD are trading at $2.24 on the NASDAQ.