AMD stands for Another Monetary Decline, while Apple continues to sell enough pricey kit to keep Wall Street happy

Su stumbles as Cook and Co log $54bn haul for quarter


Junior varsity chip outfit AMD saw its stock take a hit Tuesday when its financial forecast fell short of analyst expectations.

For the second quarter of the financial year ending June 30 AMD's results are as follows:

  • Revenue of $1.53bn was down 13 per cent from the year-ago quarter but slightly ahead of the $1.52bn analyst estimates.
  • Net income was $35m, down from $116m last year.
  • Earnings per share (non-GAAP) were $0.08, in line with expectations.
  • Computing and graphics revenue of $940m was down 13 per cent year-over-year.
  • Enterprise, embedded, and semi-custom revenues were $591m, down 12 per cent, in part because of slower semi-custom (read: games console) sales. There is hope on the horizon, however, as AMD says it will be providing the chips for both Microsoft and Sony's next-gen gamer boxes.

In discussing the numbers, AMD CEO Dr. Lisa Su said the coming quarters will be hugely important for AMD as it gets ready to launch the Rome server platform next month and hopefully boost Epyc PC and notebook sales as the back-to-school season brings with it more computer purchases.

"We have reached a significant inflection point for the company as our new Ryzen, Radeon and EPYC processors form the most competitive product portfolio in our history and are well positioned to drive significant growth in the second half of the year," Su said of the coming months.

Analysts, however, were left disappointed when Su forecast that AMD should only expect around $1.8bn in revenues for the third quarter and "mid-single digit" revenue growth overall for the full year.

Shares in AMD were down 3.4 per cent in after-hours trading.

Cook orders boom Service for Apple

Down in Cupertino, the maker of shiny iStuffs reported its "best ever" fiscal third quarter. For the three months to June 29:

  • Revenues of $53.8bn were up 1 per cent from the year-ago quarter which was Apple's previous best-ever.
  • Net income of $10.04bn was down from $11.5bn in Q3 2018. That amounts to $111,555,556 pure profit per day of operation.
  • Non-GAAP EPS of $2.18 were down 8 per cent from last year's quarter but ahead of the $2.10 analysts had predicted.
  • The iPhone had a down quarter, as Apple's flagship handheld logged $25.98bn in revenues, down from $29.47bn last year.
  • Mac sales of $5.82bn were up from $5.25bn in the year-ago quarter.
  • iPad revenues were $5.02bn, up from $4.63bn in Q3 2018.
  • Services revenue was $11.45bn, up from $10.17bn last year.
  • Wearables, home, and accessories revenue was $5.25bn, up from $3.73bn. That's a lot of dongles.

"This was our biggest June quarter ever," Apple CEO Tim Cook said, "driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends."

Wall Street was impressed enough by the numbers to push Apple's stock up 4.25 per cent in after-hours trading. ®


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