AMD Reports Second Quarter 2023 Financial Results

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[{"type":"text","content":"SANTA CLARA, Calif., Aug. 01, 2023 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the second quarter of 2023 of $5.4 billion, gross margin of 46%, operating loss of $20 million, net income of $27 million and diluted earnings per share of $0.02. On a non-GAAP(*) basis, gross margin was 50%, operating income was $1.1 billion, net income was $948 million and diluted earnings per share was $0.58. “We delivered strong results in the second quarter as 4th Gen EPYC and Ryzen 7000 processors ramped significantly,” said AMD Chair and CEO Dr. Lisa Su. “Our AI engagements increased by more than seven times in the quarter as multiple customers initiated or expanded programs supporting future deployments of Instinct accelerators at scale. We made strong progress meeting key hardware and software milestones to address the growing customer pull for our data center AI solutions and are on-track to launch and ramp production of MI300 accelerators in the fourth quarter.” “We are pleased with our second quarter execution,” said AMD EVP, CFO and Treasurer Jean Hu. “Looking to the third quarter, we expect our Data Center and Client segment revenues to each grow by a double-digit percentage sequentially driven by increasing demand for our EPYC and Ryzen processors, partially offset by Gaming and Embedded segment declines.” GAAP Quarterly Financial Results Q2 2023Q2 2022Y/YQ1 2023Q/QRevenue ($M)$5,359$6,550Down 18%$5,353FlatGross profit ($M)$2,443$3,028Down 19%$2,359Up 4%Gross margin46%46%Flat44%Up 2pptsOperating expenses ($M)$2,471$2,508Down 1%$2,514Down 2%Operating income (loss) ($M)$(20)$526Down 104%$(145)Up 86%Operating margin0%8%Down 8 ppts(3)%Up 3pptsNet income (loss) ($M)$27$447Down 94%$(139)Up 119%Earnings (loss) per share$0.02$0.27Down 93%$(0.09)Up 122% Non-GAAP(*) Quarterly Financial Results Q2 2023Q2 2022Y/YQ1 2023Q/QRevenue ($M)$5,359$6,550Down 18%$5,353FlatGross profit ($M)$2,665$3,538Down 25%$2,675FlatGross margin50%54%Down 4 ppts50%FlatOperating expenses ($M)$1,605$1,562Up 3%$1,587Up 1%Operating income ($M)$1,068$1,982Down 46%$1,098Down 3%Operating margin20%30%Down 10 ppts21%Down 1pptNet income ($M)$948$1,707Down 44%$970Down 2%Earnings per share$0.58$1.05Down 45%$0.60Down 3% Quarterly Segment Summary Data Center segment revenue was $1.3 billion, down 11% year-over-year primarily due to lower 3rd Gen EPYC processor sale...

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