AMD Reports Second Quarter Results

Current Outlook
AMD's outlook statements are based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under "Cautionary Statement" below.

AMD expects revenue to decrease 1 percent, plus or minus 3 percent, sequentially for the third quarter of 2012.

For additional detail regarding AMD's results and outlook please see the CFO commentary posted at quarterlyearnings.amd.com.

AMD Teleconference
AMD will hold a conference call for the financial community at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its second quarter financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its Web site at AMD. The webcast will be available for 10 days after the conference call.

                                                                            
                                                                            
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income(1)          
----------------------------------------------------------------------------
(Millions except per share                                                  
 amounts)                         Q2-12           Q1-12           Q2-11     
----------------------------------------------------------------------------
GAAP net income (loss) /                                                    
 Earnings (loss) per share   $   37  $ 0.05  $ (590) $(0.80) $   61  $ 0.08 
----------------------------------------------------------------------------
  Limited waiver of                                                         
   exclusivity from                                                         
   GLOBALFOUNDRIES                -       -    (703)  (0.94)      -       - 
----------------------------------------------------------------------------
  Amortization of acquired                                                  
   intangible assets             (4)  (0.01)     (1)      -      (9)  (0.01)
----------------------------------------------------------------------------
  Legal settlement               (5)  (0.01)      -       -       -       - 
----------------------------------------------------------------------------
  Restructuring charges, net      -       -      (8)  (0.01)      -       - 
----------------------------------------------------------------------------
  SeaMicro acquisition costs      -       -      (6)  (0.01)      -       - 
----------------------------------------------------------------------------
  Tax benefit related to                                                    
   SeaMicro acquisition           -       -      36    0.05       -       - 
----------------------------------------------------------------------------
Non-GAAP net income /                                                       
 Earnings per share          $   46  $ 0.06  $   92  $ 0.12  $   70  $ 0.09 
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
                                                                            
Reconciliation of GAAP Operating Income (Loss) to Non-GAAP Operating        
 Income(1)                                                                  
----------------------------------------------------------------------------
(Millions)                                                       Q2-12            Q1-12              Q2-11      
----------------------------------------------------------------------------
GAAP  operating  income  (loss)                            $              77  $          (580)  $            105  
----------------------------------------------------------------------------
    Limited  waiver  of  exclusivity  from                                                                                
      GLOBALFOUNDRIES                                                                  -              (703)                    -  
----------------------------------------------------------------------------
    Amortization  of  acquired  intangible                                                                              
      assets                                                                                  (4)                (1)                  (9)
----------------------------------------------------------------------------
    Legal  settlement                                                                (5)                  -                      -  
----------------------------------------------------------------------------
    Restructuring  charges,  net                                              -                  (8)                    -  
----------------------------------------------------------------------------
    SeaMicro  acquisition  costs                                              -                  (6)                    -  
----------------------------------------------------------------------------
Non-GAAP  operating  income                                  $              86  $            138    $            114  
----------------------------------------------------------------------------
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
Reconciliation  of  GAAP  to  Non-GAAP  Operating  Expenses(1)                                        
----------------------------------------------------------------------------
(Millions)                                                                                        Q2-12      Q1-12      Q2-11  
----------------------------------------------------------------------------
GAAP  operating  expenses                                                            $      561  $      607  $      615
----------------------------------------------------------------------------
    Amortization  of  acquired  intangible  assets                              4              1              9
----------------------------------------------------------------------------
    Restructuring  charges,  net                                                              -              8              -
----------------------------------------------------------------------------
    SeaMicro  acquisition  costs                                                              -              6              -
----------------------------------------------------------------------------
Non-GAAP  operating  expenses                                                    $      557  $      592  $      606
----------------------------------------------------------------------------
                                                                                                                                                        
                                                                                                                                                        
Reconciliation  of  GAAP  to  Non-GAAP  Gross  Margin(1)                                                    
----------------------------------------------------------------------------
(Millions  except  percentages)                                  Q2-12            Q1-12            Q2-11      
----------------------------------------------------------------------------
GAAP  Gross  Margin                                                      $          638    $            27    $          720  
----------------------------------------------------------------------------
GAAP  Gross  Margin  %                                                                45%                  2%                46%
----------------------------------------------------------------------------
    Limited  waiver  of  exclusivity  from                                                                                
      GLOBALFOUNDRIES                                                                    -              (703)                  -  
----------------------------------------------------------------------------
    Legal  settlement                                                                  (5)                  -                    -  
----------------------------------------------------------------------------
Non-GAAP  Gross  Margin                                              $          643    $          730    $          720  
----------------------------------------------------------------------------
Non-GAAP  Gross  Margin  %                                                        46%                46%                46%
----------------------------------------------------------------------------
                                                                                                                                                        
                                                                                                                                                        
Reconciliation  of  GAAP  Operating  Income  (Loss)  to  Adjusted  EBITDA(1)                
----------------------------------------------------------------------------
(Millions  except  percentages)                                        Q2-12          Q1-12          Q2-11    
----------------------------------------------------------------------------
GAAP  operating  income  (loss)                                      $            77  $      (580)  $          105
----------------------------------------------------------------------------
    Limited  waiver  of  exclusivity  from                                                                                
      GLOBALFOUNDRIES                                                                          -            703                    -
----------------------------------------------------------------------------
    Legal  settlement                                                                          5                -                    -
----------------------------------------------------------------------------
    Depreciation  and  amortization                                              61              62                  71
----------------------------------------------------------------------------
    Employee  stock-based  compensation  expense                      26              21                  20
----------------------------------------------------------------------------
    Amortization  of  acquired  intangible  assets                      4                1                    9
----------------------------------------------------------------------------
    Restructuring  charges,  net                                                      -                8                    -
----------------------------------------------------------------------------
    Acquisition  related  costs                                                        -                6                    -
----------------------------------------------------------------------------
Adjusted  EBITDA                                                                $          173  $        221    $          205
----------------------------------------------------------------------------
                                                                                                                                                        
                                                                                                                                                        
Non-GAAP  adjusted  free  cash  flow  reconciliation(1)                                                    
----------------------------------------------------------------------------
(Millions  except  percentages)                                  Q2-12            Q1-12            Q2-11      
----------------------------------------------------------------------------
GAAP  net  cash  provided  by  operating                                                                                  
  activities                                                                  $            81    $          107    $          174  
----------------------------------------------------------------------------
    Non-GAAP  adjustment                                                              -                    -                  36  
----------------------------------------------------------------------------
Non-GAAP  net  cash  provided  by  operating                                                                          
  activities                                                                                81                107                210  
----------------------------------------------------------------------------
    Purchases  of  property,  plant  and                                                                                    
      equipment                                                                            (39)              (40)              (67)
----------------------------------------------------------------------------
Non-GAAP  adjusted  free  cash  flow                        $            42    $            67    $          143  
----------------------------------------------------------------------------
                                                                                                                                                        
                                                                                                                                                        
 

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