Advanced Micro Devices, Inc. (NASDAQ: AMD) announced financial results for the first quarter of 2020. According to the Company it had revenue of $1.79 billion, a 40 percent increase year-over-year primarily driven by higher Computing and Graphics segment revenue. Operating income of $177 million, net income of $162 million and diluted earnings per share of $0.14. On a non-GAAP basis, operating income was $236 million, net income was $222 million and diluted earnings per share was $0.18.
“We executed well in the first quarter, navigating the challenging environment to deliver 40 percent year-over-year revenue growth and significant gross margin expansion driven by our Ryzen and EPYC processors,” said Dr. Lisa Su, AMD president and CEO. “While we expect some uncertainty in the near-term demand environment, our financial foundation is solid and our strong product portfolio positions us well across a diverse set of resilient end markets. We remain focused on strong business execution while ensuring the safety of our employees and supporting our customers, partners and communities. Our strategy and long-term growth plans are unchanged.”
Net income was $162 million compared to net income of $16 million a year ago and $170 million in the prior quarter. Non-GAAP net income was $222 million compared to net income of $62 million a year ago and $383 million in the prior quarter.
For the second quarter of 2020, AMD expects revenue to be approximately $1.85 billion, plus or minus $100 million, an increase of approximately 21 percent year-over-year and 4 percent sequentially.