Exhibit 99.1

AMD NEWS RELEASE

AMD Reports Fourth Quarter and Annual Results

SUNNYVALE, Calif. — Jan. 17, 2008 — AMD (NYSE: AMD) today reported fourth quarter 2007 revenue of $1.770 billion, an 8 percent increase compared to the third quarter of 2007 and flat compared to the fourth quarter of 2006². In the fourth quarter of 2007, AMD reported a net loss of $1.772 billion, or $3.06 per share, and an operating loss of $1.678 billion. Fourth quarter net loss included charges of $1.675 billion, or $2.89 per share, of which $1.669 billion were operating charges. The non-cash portion of the fourth quarter charges was $1.606 billion. In the third quarter of 2007, AMD reported revenue of $1.632 billion, a net loss of $396 million, and an operating loss of $226 million. In the fourth quarter of 20062, AMD reported revenue of $1.773 billion, a net loss $576 million, and an operating loss of $529 million.

For the year ended December 29, 2007, AMD achieved revenue of $6.013 billion, a 6 percent increase from 2006². The fiscal 2007 net loss was $3.379 billion. Included in the 2007 net loss were non-cash charges of $2.007 billion. AMD reported revenue of $5.649 billion and a net loss of $166 million for fiscal 2006². Details of the various charges are described in the tables below.

Reconciliation of GAAP Net Loss to Non-GAAP Net Income (Loss)

Reconciliation of GAAP Operating Loss to Non-GAAP Operating Income (Loss)

“We were close to break-even operationally for the quarter, reducing our fourth quarter non-GAAP operating loss to $9 million¹. We improved gross margin by three points sequentially, driven by increased shipments of new products, higher average selling prices and cost containment actions,” said Robert J. Rivet, AMD’s Chief Financial Officer. “We shipped a record number of microprocessor units in the quarter, including nearly four hundred thousand quad-core processors.”

Fourth quarter 2007 gross margin was 44 percent, compared to 41 percent in the third quarter of 2007 and 36 percent in the fourth quarter of 2006².

Computing Solutions

Fourth quarter Computing Solutions segment revenue was $1.402 billion, a 9 percent sequential increase. Server, mobile and desktop processor revenue each increased quarter-over-quarter, driving an 11 percent sequential increase in microprocessor revenue. Record desktop and mobile processor unit shipments drove a 7 percent sequential increase in overall microprocessor unit shipments, resulting in record microprocessor unit shipments. Server processor unit shipments increased 22 percent sequentially, driven by a significant increase in quad-core AMD Opteron™ processor shipments.

Graphics

Graphics segment revenue was $259 million, a three percent sequential increase. The growth was due to demand for AMD’s new ATI Radeon HD™ 3800 series and continued adoption of the ATI Radeon HD 2000 series of graphics processors.

Consumer Electronics

Fourth quarter Consumer Electronics segment revenue was $109 million, a 12 percent increase compared with $97 million in the third quarter of 2007. The increase was driven largely by increased game console royalties and sales of products for the handheld market.

Current Outlook

AMD’s outlook statements are based on current expectations. The following statements are forward looking, and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement” below.

In the seasonally down first quarter, AMD expects revenue to decrease in line with seasonality.

Additional Quarterly Highlights

AMD Teleconference

AMD will hold a conference call for the financial community at 2:00 p.m. PT (5:00 p.m. ET) today to discuss fourth quarter financial results. AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its web site at www.amd.com. The webcast will be available for 10 days after the conference call.

About AMD

Advanced Micro Devices (NYSE: AMD) is a leading global provider of innovative processing solutions in the computing, graphics and consumer electronics markets. AMD is dedicated to driving open innovation, choice and industry growth by delivering superior customer-centric solutions that empower consumers and businesses worldwide. For more information, visit www.amd.com.

Cautionary Statement

This release contains a forward-looking statement concerning revenue for the first quarter of 2008 which is made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects,” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this release are based on current beliefs, assumptions and expectations, speak only as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include the possibility that Intel Corporation’s pricing, marketing and rebating programs, product bundling, standard setting, new product introductions or other activities targeting the company’s business will prevent attainment of the company’s current plans; the company will require additional funding and may not be able to raise funds on favorable terms or at all; the company’s cost containment efforts will not be effective; customers stop buying the company’s products or materially reduce their operations or demand for its products; the company will be unable to develop, launch and ramp new products and technologies in the volumes and mix required by the market and at mature yields on a timely basis; the company’s competitors, customers and suppliers may take actions that will negate the anticipated benefits of the company’s acquisition of ATI; demand for computers and consumer electronics products and, in turn, demand for the company’s products will be lower than currently expected; global business and economic conditions will worsen, resulting in lower than currently expected revenue in the first quarter of 2008 and beyond; there will be unexpected variations in market growth and demand for the company’s products and technologies in light of the product mix that it may have available at any particular time or a decline in demand; the company will be unable to transition to advanced manufacturing process technologies in a timely and effective way, consistent with planned capital expenditures; the company will be unable to maintain the level of investment in research and development and capacity that is required to remain competitive; and the company will be unable to obtain sufficient manufacturing capacity or components to meet demand for its products or will under-utilize its microprocessor manufacturing facilities. Investors are urged to review in detail the risks and uncertainties in the company’s Securities and Exchange Commission filings, including but not limited to the Quarterly Report on Form 10-Q for the quarter ended September 29, 2007.

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AMD, the AMD Arrow logo, AMD Opteron, AMD Phenom and combinations thereof, and ATI, the ATI logo, and Radeon are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and used to identify companies and products and may be trademarks of their respective owners.

ADVANCED MICRO DEVICES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Millions except per share amounts and percentages)

ADVANCED MICRO DEVICES, INC.

CONSOLIDATED BALANCE SHEETS

(Millions)

ADVANCED MICRO DEVICES, INC.

SELECTED CORPORATE DATA

(Unaudited)

(Millions except headcount and percentages)

ATI acquisition-related and severance charges:

Employee stock-based compensation expense: