AMD today announced the company's fourth-quarter and full-year financial results for fiscal 2021. According to the report, AMD's fourth-quarter revenue was $4.826 billion, an increase of 49% compared with $3.244 billion in the same period last year and a 12% increase compared to $4.313 billion in the previous quarter; net profit was $974 million, compared with $974 million. A decrease of 45% from $1,781 million in the same period last year and an increase of 6% from $923 million in the previous quarter; non-GAAP adjusted net income was $1,122 million, compared with $636 million in the same period last year The U.S. dollar increased by 76%.
AMD's fourth-quarter and full-year results beat Wall Street analysts' expectations, and the company's revenue outlook for the first quarter and full year of fiscal 2022 also beat expectations, sending its shares up nearly 10% after the bell.
Fourth-quarter results summary:
In the quarter ended December 25, 2021, AMD's net profit was $974 million, and earnings per share were $0.80, which was far worse than the same period last year. In the fourth quarter of fiscal 2020, AMD's net income was $1.781 billion and earnings per share were $1.45. Excluding certain one-time items (not in accordance with GAAP), AMD's fourth-quarter adjusted net income was $1.122 billion, an increase of 76% compared to $636 million in the same period last year; adjusted EPS was $0.92, compared with adjusted earnings per share of $0.52 a year earlier, an increase of 77% year-over-year, and this performance exceeded Wall Street analysts' previous expectations. According to data provided by Yahoo Finance Channel, 30 analysts had expected AMD's fourth-quarter earnings per share to reach $0.76 on average.
AMD's fourth-quarter revenue was $4.826 billion, an increase of 49% compared with $3.244 billion in the same period last year and a 12% increase compared to $4.313 billion in the previous quarter, which also exceeded analyst expectations. According to data provided by Yahoo Finance Channel, 29 analysts on average expected AMD's fourth-quarter revenue to reach $4.52 billion.
By business unit, AMD's fourth-quarter revenue from computing and graphics was $2.584 billion, up from $1.960 billion in the same period a year earlier and $2.398 billion in the previous quarter; operating profit was $566 million, compared to $2.398 billion in the previous quarter. Operating profit was $420 million in the prior-year period and $513 million in the previous quarter. AMD's fourth-quarter revenue from enterprise, embedded, and semi-custom businesses was $2.242 billion, up from $1.284 billion in the prior year and $1.915 billion in the prior quarter; operating profit was $762 million, compared to Operating profit was $243 million in the year-ago period and $542 million in the previous quarter. AMD's fourth-quarter operating loss from all other businesses was $121 million, compared with an operating loss of $93 million a year earlier and an operating loss of $107 million in the prior quarter.
AMD's fourth-quarter operating profit was $1.207 billion, compared with $570 million in the same period last year, an increase of 112% year-on-year; operating profit in the previous quarter was $948 million, an increase of 27% from the previous quarter. AMD's fourth-quarter operating margin was 25%, up 7 points from 18% in the prior year and up 3 points from 22% in the prior quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), AMD's adjusted operating profit in the fourth quarter was $1.328 billion, compared to $663 million in the year-ago period, an increase of 100%; Operating profit in the last quarter was $1.055 billion, up 26% sequentially. Excluding certain one-time items (not in accordance with GAAP), AMD's fourth-quarter adjusted operating margin was 27%, up 7 percentage points from 20% in the prior year, and 24% in the prior quarter. % compared to an increase of 3 percentage points.
AMD's fourth-quarter operating expenses were $1.223 billion, an increase of 39% compared to $881 million a year earlier and a 7% increase compared to $1.141 billion in the prior quarter. Among them, AMD's R&D spending in the fourth quarter was $811 million, up from $573 million in the same period last year and $765 million in the previous quarter; marketing, general and administrative expenses were $412 million, up from $308 million in the same period last year. USD and $376 million in the previous quarter. Excluding certain one-time items (not in accordance with GAAP), AMD's adjusted operating expenses in the fourth quarter were $1.103 billion, an increase of 40% compared to $789 million in the prior year, and an increase of 40% compared to $10.35 in the prior quarter million dollars, an increase of 7%.
AMD's fourth-quarter gross profit was $2.426 billion, an increase of 67% compared to $1.451 billion in the same period last year and a 16% increase compared to $2.086 billion in the previous quarter. Excluding certain one-time items (not in accordance with GAAP), AMD's fourth-quarter adjusted gross profit was $2.427 billion, an increase of 67% compared to $1.452 billion in the prior year period, and an increase of 67% compared to $2.087 billion in the prior quarter billion dollars, an increase of 16%. AMD's fourth-quarter gross margin was 50%, up 560 basis points compared to 45% a year earlier and 190 basis points compared to 48% in the prior quarter. Excluding certain one-time items (not in accordance with GAAP), AMD's adjusted gross margin was 50% in the fourth quarter, up 560 basis points from 45% in the prior year and 48% in the prior quarter Compared with the increase of 190 basis points.
Summary of annual results:
AMD's full-year revenue was $16.434 billion, an increase of 68% compared to $9.763 billion in fiscal 2020; gross profit was $7.929 billion, an increase of 82% compared to $4.347 billion in fiscal 2020; gross profit margin was 48%, up 370 basis points from 45% in fiscal 2020; operating expenses of $4,293 million, up 44% from $2,978 million in fiscal 2020; operating profit of $3,648 million, compared to fiscal 2020 Operating profit was $1.369 billion, up 166% year-over-year; operating margin was 22%, up 8 percentage points from 14% in fiscal 2020; net profit was $3.162 billion, compared with net profit in fiscal 2020 Profit was $2.490 billion, up 27% year over year; EPS was $2.57, compared to $2.06 per share in fiscal 2020, up 25% year over year.
Excluding certain one-time items (not in accordance with GAAP), AMD's adjusted gross profit for the full year was $7.934 billion, an increase of 82% from $4.353 billion in fiscal 2020; adjusted gross margin was 48% %, up 370 basis points from 45% in fiscal 2020; adjusted operating expenses were $3.877 billion, compared to $2.696 billion in fiscal 2020, an increase of 44% year-over-year; adjusted operating profit was $4.069 billion, compared to In contrast, adjusted operating profit in fiscal 2020 was $1.657 billion, an increase of 146% year-on-year; adjusted net profit was $3.435 billion, compared with adjusted net profit in fiscal 2020 of $1.575 billion, an increase of 118% year-on-year %; adjusted EPS of $2.79, compared to adjusted EPS of $1.29 in fiscal 2020, an increase of 117% year over year.
AMD's fourth-quarter results also beat analysts' expectations. According to data provided by Yahoo Finance Channel, 37 analysts had expected AMD's full-year revenue to reach $16.13 billion, and 35 analysts had expected AMD's full-year adjusted earnings per share to reach $2.64.
Performance Outlook:
AMD expects revenue in the first quarter of fiscal 2022 to be about $5 billion, plus or minus $100 million, an increase of about 45% year-on-year and about 4% month-on-month, exceeding analyst expectations. According to data provided by Yahoo Finance Channel, 28 analysts currently expect AMD's first-quarter revenue to reach $4.32 billion.
AMD also expects that the company's revenue will reach about $21.5 billion for the entire 2022 fiscal year, a year-over-year increase of about 31%, exceeding expectations; and it expects non-GAAP adjusted gross margins to reach about 51%. According to data provided by Yahoo Finance, 37 analysts currently expect AMD's revenue for the entire 2022 fiscal year to reach $19.27 billion.
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