- AMD expects Q2 revenue to be flat to up 6% Q/Q; that's better than a consensus for a 3% decline.
- Due to desktop weakness, Computing Solutions (PC/server CPU) sales fell 8% Q/Q and 12% Y/Y in Q1; they were down 13% Y/Y in Q4, and 15% in Q3.
- Graphics & Visual Solutions (GPUs, console/embedded designs) sales fell 15% Q/Q and rose 118% Y/Y. Console-related sales fell Q/Q, but GPU sales rose.
- CPU ASPs were flat Q/Q and down slightly Y/Y. GPU ASPs rose Q/Q and Y/Y due to Radeon R7/R9 demand (some of it from Litecoin miners).
- Gross margin (a point of concern lately) was 35%, flat Q/Q, down 600 bps Y/Y, and in-line with guidance. GM is expected to remain at 35% in Q2.
- R&D spend fell 11% Y/Y to $279M, MG&A spend fell 13% to $156M. AMD ended Q1 with $982M in cash, down from $1.19B at the end of Q4 thanks to a GlobalFoundries payment. Debt fell by $43M to $2.06B.
- Q1 results, PR, CFO commentary (.pdf)