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 Send to email | LIVE ANALYSIS: AMD Meets Consensus, Warns Of "Challenging Economic Environment" in AMDINTC |  By Silicon
el 17-Apr-2008 | AMD's release is out: Revenue comes in a hair above consensus at $1.51 billion and EPS from continuing operations came in at the 51 cent loss analyst had expected. AMD gave back a few points on GM, which increased sequentially from 56% last quarter to 58% in Q1. R&D and MG&A costs also spiked, increasing from 27% and 18% of revenue last quarter to 33% and 23% respectively in Q1. AMD also said it was facing a " challenging economic environment for consumers and lower than
expected revenues of previous generation products, resulting in lower
than expected revenues in all business segments."
We'll be covering the conference call with live analysis at 5:00 PM EDT.
Webcast
Release
SAI Spreadsheet: AMD Financial Analysis
CONFERENCE CALL NOTES
5:00: Call begins. Usual introductory remarks and disclaimer
5:07: Q1 was: "difficult start. Seasonally weak quarter, experienced lower than expected revenues across all sectors."
5:09: Lower microprocessor unit shipments resulted in lower gross margin. operating expenses up 6%, in line with guidance.
5:11: Microprocessor ASPs flat. Due to strength of new product mix, operating margins improved, despite drop in sales.
5:13: Outlook: revenue to decrease on seasonality. Operating expenses to remain flat. $50 million aquisition charge. Will take restructuring charge.
5:15: "Our business environment has changed... embarking on significant restructuring." "We need to intensley scrutinize non-core businesses."
5:18: Q&A begins...
5:20: Merrill analyst asks where Opex will be after restructuring... Answer: 25 to 50 million saved per quarter.
5:22: JMP Securities analyst asks how customers are reacting to Barcelona... Answer: "enthusiastic" from both customers and end-users. "The products is terrific."
5:25: Global Capital analyst asks about Puma Platform... will it turn notebooks around? Answer: "Platform has achieved great success in terms of design wins." Will hit market in Q2, provide opportunity in back half of the year.
5:30: Lehman analyst asks for metrics on Barcelona... Answer: Barcelona server shipments in Q1 were 25% of mix... ought to grow to 50% in current quarter and beyond.
5:33: Credit Suisse analyst asks about why Q2 guidance better than seasonality would suggest... Answer: Industry down 9% seasonally... our new product lineup will help.
5:37: Citi analyst asks about departure of CTO... Answer: Will not affect roadmap to breakeven.
5:41: Citi analyst aske whether there were any geographic changes over course of quarter... and whether Europe was getting weaker... Answer: No question there are signs of weakness in Western Europe, largely offset by Eastern Europe.
5:46: Deutsche Bank analyst asks whether there was a difference between ASPs in notebooks and desktops... Answer: It's a mix issue.
5:50: UBS analyst asks about Graphics lineup, given current lineup, can AMD regain share? Answer: Yes, beginning in Q2 and beyond.
5:55: Analyst asks about end-market segments where Barcelona will have most success... Answer: Opportunity to gain share in two-piece space across many segments, including web servers. Client side: Historic strength in consumer retail.
5:58: AmTech analyst asks about 45nm, does AMD have a measure of how well 45nm will do in terms of performance? Answer: We've put more function on the di. improvement in transistor and Power efficiency.
6:00: Call ends...
Preview
Advanced Micro Devices (AMD) reports after close today with a
conference call scheduled for 5:00 PM EST. The street is bearish, especially after Intel's (INTC) quarter suggested that
AMD hemorrhaged share. Shares are down 21% since
its last quarter, in which management reported unexpected margin
expansion. Optimism didn't last, however, as the firm was plagued by delays and glitches.
A slowly deteriorating
macroeconomic environment is also expected to take its toll, with Intel
reporting flat ASPs and continued price deflation in NAND. Shipments of
AMD's Barcelona chip will also be of interest. The 100,000
units shipped in December missed expectations. AMD has already
adjusted its revenue guidance down to $1.50 billion from $1.61 billion
and has
pledged to trim its workforce by 10% (1600 workers) by the end of Q3.
Key metrics:
- Revenue: ~ $1.50 billion (Guided down from previous estimates of $1.61 billion)
- Gross Margin: ~ 59%
- EPS: -$0.51
- Outlook:
- 2008: $6.403 billion / -$1.24
- 2009: $7.665 / $0.28
Our AMD Financial Analysis Spreadsheet is here.
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| LIVE ANALYSIS: AMD Meets Consensus, Warns Of "Challenging Economic Environment" | | AMD's release is out: Revenue comes in a hair above consensus at $1.51 billion and EPS from continuing operations came in at the 51 cent loss analyst had expected. AMD gave back a few points on GM, which increased sequentially from 56% last quarter to 58% in Q1. R&D and MG&A costs also spiked, increasing from 27% and 18% of revenue last quarter to 33% and 23% respectively in Q1. AMD also said i [..] Read complete article | | Published 17-Apr-2008 by Silicon in AMDINTC
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| LIVE ANALYSIS: Cisco Revenue In Line, EPS Beats Consensus | | Summary: Revenue in line with reduced expectations: Up 10% year-over-year (below Cisco's long-term targets). This suggests that the business environment did not improve materially from a weak January. Pro forma EPS of $0.38 beats consensus by $0.02. The company's guidance for FQ4 was again weak--9%-10%--due to ongoing economic problems in the US and Europe. That said, analysts [..] Read complete article | | Published 06-May-2008 by Silicon in General
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| eBay (EBAY): Q1 Preview LIVE ANALYSIS AFTER CLOSE | | Ebay (EBAY) reports earnings after the close. Conference call at 2PM Pacific, 5PM Eastern. We will provide live analysis of the release and conference call after the close.
PREVIEW
eBay's stock has rallied off low on stronger-than-expected listings growth. The company's recent fee changes to its core marketplace a [..] Read complete article | | Published 16-Apr-2008 by Silicon in EBAYGMV
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| Apple Fans Predict Blowout Quarter...But All That Matters Is Guidance | | A group of folks who ridicule Wall Street analysts for intentionally lowballing their Apple estimates so Apple can "surprise" on the upside have assembled their own consensus for Apple's Q4. Not surprisingly, the consensus calls for upside:
$8.4 billion of revenue vs. the Street consensus of $8.0 and Apple's guidance of $7.5.
EPS of $1.25 vs. the Street consensus of $1.11 [..] Read complete article | | Published 19-Oct-2008 by Silicon in General
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 | Kotaku`s The Gamers Guide |  Blogger | XBOX 360 Gamers Weblog
Gossip, news and leaks for obsessive gamers Kotaku As if you don't waste enough of your time in a gamer's haze, here's Kotaku: a gamer's guide that goes beyond the press release. Gossip, cheats, criticism, design, nostalgia, pred |
| Can You Really Win A Wii As A Carnival Prize? [Wii] | | You're looking at the summer street carnival in my home stomping grounds of Spanish Harlem, New York, as seen from the top of a great big ferris wheel. I've written before about how many here face challenging economic circumstances, but during the summer, the neighborhood is q [..] Read complete article | | Published 03-Jul-2008 by Leigh Alexander in wii Culture Original PS3 PSP Top Xbox 360
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| Kotaku`s The Gamers Guide | Blogger | XBOX 360 Gamers Weblog
Gossip, news and leaks for obsessive gamers Kotaku As if you don't waste enough of your time in a gamer's haze, here's Kotaku: a gamer's guide that goes beyond the press release. Gossip, cheats, criticism, design, nostalgia, pred |
| Problogger | Blogger | Blog tips to help you blogging
ProBlogger Blog Tips Make Money Online |
| Search, Social and Direct Traffic - [TRAFFIC ANALYSIS] | ![DPS-Traffic-Social-bookmarking-spikes.png - Search, Social and Direct Traffic - [TRAFFIC ANALYSIS]](http://www.twitip.com/wp-content/uploads/2008/11/dps-traffic-social-bookmarking-spikes-tm.jpg) This morning I spent a little time doing some analysis (using Google Analytics) of the traffic coming into my main blog - Digital Photography School.
My analysis was stimulated by a question from a reader who in response to last week’s two posts examining the place of Digg and Social Bookmarkingin a bloggers priorities asked me:
What [...] [..] Read complete article | | Published 17-Nov-2008 by Darren Rowse in
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