Index: llvm/trunk/lib/Target/AMDGPU/MCTargetDesc/AMDGPUAsmBackend.cpp
===================================================================
--- llvm/trunk/lib/Target/AMDGPU/MCTargetDesc/AMDGPUAsmBackend.cpp
+++ llvm/trunk/lib/Target/AMDGPU/MCTargetDesc/AMDGPUAsmBackend.cpp
@@ -133,24 +133,21 @@
                                          const MCValue &Target, uint64_t &Value,
                                          bool &IsResolved) {
   if (IsResolved)
-    (void)adjustFixupValue(Fixup, Value, &Asm.getContext());
-
+    Value = adjustFixupValue(Fixup, Value, &Asm.getContext());
 }
 
 void AMDGPUAsmBackend::applyFixup(const MCFixup &Fixup, char *Data,
                                   unsigned DataSize, uint64_t Value,
                                   bool IsPCRel) const {
-  unsigned NumBytes = getFixupKindNumBytes(Fixup.getKind());
   if (!Value)
     return; // Doesn't change encoding.
 
-  Value = adjustFixupValue(Fixup, Value, nullptr);
-
   MCFixupKindInfo Info = getFixupKindInfo(Fixup.getKind());
 
   // Shift the value into position.
   Value <<= Info.TargetOffset;
 
+  unsigned NumBytes = getFixupKindNumBytes(Fixup.getKind());
   uint32_t Offset = Fixup.getOffset();
   assert(Offset + NumBytes <= DataSize && "Invalid fixup offset!");
 
Index: llvm/trunk/test/MC/AMDGPU/labels-branch.s
===================================================================
--- llvm/trunk/test/MC/AMDGPU/labels-branch.s
+++ llvm/trunk/test/MC/AMDGPU/labels-branch.s
@@ -1,17 +1,24 @@
 // RUN: llvm-mc -arch=amdgcn -mcpu=fiji -show-encoding %s | FileCheck %s --check-prefix=VI
+// RUN: llvm-mc -arch=amdgcn -mcpu=fiji -filetype=obj %s | llvm-objdump -disassemble -mcpu=fiji - | FileCheck %s --check-prefix=BIN
 
 loop_start:
 s_branch loop_start
 // VI: s_branch loop_start ; encoding: [A,A,0x82,0xbf]
 // VI-NEXT: ;   fixup A - offset: 0, value: loop_start, kind: fixup_si_sopp_br
+// BIN: loop_start:
+// BIN-NEXT: BF82FFFF
 
 s_branch loop_end
 // VI: s_branch loop_end ; encoding: [A,A,0x82,0xbf]
 // VI-NEXT: ;   fixup A - offset: 0, value: loop_end, kind: fixup_si_sopp_br
+// BIN: BF820000
+// BIN: loop_end:
 loop_end:
 
 s_branch gds
 // VI: s_branch gds ; encoding: [A,A,0x82,0xbf]
 // VI-NEXT: ;   fixup A - offset: 0, value: gds, kind: fixup_si_sopp_br
+// BIN: BF820000
+// BIN: gds:
 gds:
   s_nop 0