Summary by Futu AI
Advanced Micro Devices, Inc. (AMD) reported its financial results for the fiscal year ended December 30, 2023. The company saw a 4% decrease in net revenue, totaling $22.7 billion, compared to $23.6 billion in the previous year. The decline was attributed to a 25% drop in Client segment revenue due to lower processor sales and a 9% decrease in Gaming segment revenue due to lower semi-custom product sales. However, this was partially offset by a 17% increase in Embedded segment revenue and a 7% increase in Data Center segment revenue. Gross margin improved slightly to 46% from 45% the previous year. Operating income decreased to $401 million from $1.3 billion in 2022, while net income fell to $854 million from $1.3 billion. The company's cash, cash equivalents, and short-term investments stood at $5.8 billion, with a total debt of $2.5 billion. AMD returned $985 million to shareholders through stock repurchases. The company's financial position remains strong, with sufficient cash flow and capital to fund operations and strategic investments.