As the full year 2021 earnings season rolls along, the next major chip maker out of the gate is AMD, who has been enjoying a very positive trajectory in revenue and profits over the past few years. The company has continued to build upon the success of its Zen architecture-based CPUs and APUs in both the client and server spaces, as well as a full year’s revenue for the APUs powering the hard-to-find Playstation 5 and Xbox Series X|S. As a result, these products have propelled AMD to another record quarter and another record year, as the company continues to hit revenue records while recording some sizable profits in the process.

For the fourth quarter of 2021, AMD reported $4.8B in revenue, a 49% jump over the same quarter a year ago. As a result, Q4’2021 was (yet again) AMD’s best quarter ever, built on the back of strong sales across the entire company. Meanwhile, due to last year’s unusual, one-off gain related to an income tax valuation allowance, AMD’s GAAP net income did dip on a year-over-year basis, to $974M. In lieu of that, AMD’s quarterly non-GAAP net income (which excludes the tax allowance) was up 77% year-over-year, which is an even bigger jump than what we saw in Q4’20.

AMD’s continued growth and overall success has also boosted the company’s gross margin to 50%, marking the first time since at least the turn of the century that AMD has crossed the 50% mark. Besides underscoring the overall profitability of AMD’s operations, gross margins are also a good indicator of the health of a company; and for a fab-less semiconductor firm, 50% is a very good number to beat indeed. AMD is now within 5 percentage points of Intel’s gross margins, a feat that at one time seemed impossible, and highlighting AMD’s ascent to a top-tier chip firm.

As for AMD’s full-year earnings, the company has been having great quarters all year now, so unsurprisingly this is reflected in their full-year results. Overall, for 2021 AMD booked $16.4B in revenue, which was an increase of 68% over 2019, and, of course, sets a new record for the company. AMD’s gross margin for the year was 48%, up 3.7 percentage points from FY2020, and reflecting how AMD’s gross margins have been on the rise throughout the entire year.

All of this has played out nicely for AMD’s profitability, as well. For the year AMD booked $3.2 billion in net income, and unlike 2020, there are no one-off tax valuations inflating those numbers. Amusingly, even with that $1.3B valuation for 2020, AMD sti