Advanced Micro Devices Inc (AMD)

[Jack Hammered]

sgolds -

It looks like the vast majority of IBM's growth came from the greenback's decline.

From the SEC filing;
Fourth-quarter revenue growth of 9 percent (1 percent at constant currency) was driven by growth in all geographies. In the Americas, fourth-quarter revenues from continuing operations were $10.6 billion, up 4 percent (1 percent at constant currency) from the same period last year. Revenues from Europe/Middle East/Africa were $9.1 billion, an increase of 17 percent (1 percent at constant currency). Asia-Pacific revenues rose 13 percent (3 percent at constant currency) to $5.4 billion. OEM revenues decreased 14 percent (14 percent at constant currency) to $714 million compared with 2002's
fourth quarter.

I have not finished reading either filing (Intel/IBM) although I did notice that Intel claims 57% margins for 2003 - expanding to 60% for Q1/2004, then again to 62% for year 2004.

An interesting point from Intels filing;
Expenses (R&D plus MG&A) in the first quarter are expected to be approximately $2.3 billion. Expenses, particularly certain
marketing- and compensation-related expenses, vary depending on the level of revenue and profits.

R&D spending is expected to be approximately $4.8 billion in 2004, as compared to $4.4 billion in 2003. The expected
increase in R&D spending is primarily driven by development of
the company's next-generation 65-nm process technology,
scheduled for production in 2005 on 300-mm wafers.

Jack

P.S. While I feel compelled to, I won't get into why I feel able to post/read here. It should be obvious to all.