Advanced Micro Devices Inc AMD
Q3 2012 Earnings Call Transcript

Transcript Call Date 10/18/2012

Operator: Good afternoon. My name is Huey, and I'll be your conference operator for today. At this time, I'd like to welcome everyone to AMD's Third Quarter 2012 Earnings Conference Call. All lines have been placed on a listen-only mode. After the speakers' remarks, you will be invited to participate in the question-and-answer session. As a reminder, this conference is being recorded today.

I'd now like to turn the conference over to Ms. Ruth Cotter, Vice President of Investor Relations for AMD. Please go ahead.

Ruth Cotter - IR: Thank you, Huey. Welcome to AMD's third quarter earnings conference call. By now, you should have had the opportunity to review a copy of our earnings release and CFO commentary. If you have not reviewed these documents, they can be found on AMD's website at

Participants on today's conference call are Rory Read, our President and Chief Executive Officer; Devinder Kumar, Senior Vice President, Corporate Controller and Interim Chief Financial Officer; and Lisa Su, our Senior Vice President and General Manager, Global Business Units and she will be present for the question-and-answer portion of the call.

This is a live call and will be replayed by a webcast on I'd like to take this opportunity to highlight a few dates of note for you. Rory Read will present at the Credit Suisse Technology Conference on the November 27th; Devinder Kumar will present at the Raymond James Conference on December 10th; and our fourth quarter earnings quiet time will begin at the close of business on Friday, December 14th. Lastly, we intend to announce our fourth quarter and fiscal 2012 earnings on January 17, 2013. Dial-in information for that call will be provided in mid-December of this year.

Please note non-GAAP financial measures referenced during this call are reconciled to their most directly comparable GAAP financial measures in the written CFO commentary posted on our website at

Before we begin today, let me remind everyone that today's discussions contain forward-looking statements based on the environment as we currently see it. Those statements are based on current beliefs, assumptions and expectations, speak only as of the current date, and as such involve risks and uncertainties that could cause actual results to differ materially from our current expectations.

Please refer to the cautionary statement in our press release for more information. You will also find detail discussions about our risk factors in our filings with the SEC and in particular AMD's quarterly reports on Form 10-Q for the quarter ended June 30, 2012.

Now with that, I'll hand the call over to Rory. Rory?

Rory Read - President and CEO: Thank you, Ruth. Our third quarter financial performance fell significantly short of our expectations. We understand the dynamics behind the shortfall and we are taking decisive actions to address the core issues. To help return the Company to profitability, we also announced a restructuring plan designed to strengthen AMD's competitive positioning and reduce our expense structure. I will cover that plan in greater detail shortly, but first I wanted to discuss our third quarter results.

Read our Earnings Call Transcript disclaimer.
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