AMD Reports Second Quarter 2024 Financial Results

About this update from Advanced Micro Devices Inc

[{"type":"text","content":"SANTA CLARA, Calif., July 30, 2024 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the second quarter of 2024 of $5.8 billion, gross margin of 49%, operating income of $269 million, net income of $265 million and diluted earnings per share of $0.16. On a non-GAAP(*) basis, gross margin was 53%, operating income was $1.3 billion, net income was $1.1 billion and diluted earnings per share was $0.69. “We delivered strong revenue and earnings growth in the second quarter driven by record Data Center segment revenue,” said AMD Chair and CEO Dr. Lisa Su. “Our AI business continued accelerating and we are well positioned to deliver strong revenue growth in the second half of the year led by demand for Instinct, EPYC and Ryzen processors. The rapid advances in generative AI are driving demand for more compute in every market, creating significant growth opportunities as we deliver leadership AI solutions across our business.” “AMD executed well in the second quarter, with revenue above the midpoint of our guidance driven by strong growth in the Data Center and Client segments,” said AMD EVP, CFO and Treasurer Jean Hu. “In addition, we expanded gross margin and delivered solid earnings growth, while increasing our strategic AI investments to build the foundation for future growth.” GAAP Quarterly Financial Results Q2 2024Q2 2023Y/YQ1 2024Q/QRevenue ($M)$5,835 $5,359 Up 9%$5,473 Up 7%Gross profit ($M)$2,864 $2,443 Up 17%$2,560 Up 12%Gross margin 49% 46% Up 3 ppts 47% Up 2 pptsOperating expenses ($M)$2,605 $2,471 Up 5%$2,537 Up 3%Operating income (loss) ($M)$269 $(20) Up 1,445%$36 Up 647%Operating margin 5% 0% Up 5 ppts 1% Up 4 pptsNet income ($M)$265 $27 Up 881%$123 Up 115%Diluted earnings per share$0.16 $0.02 Up 700%$0.07 Up 129% Non-GAAP(*) Quarterly Financial Results Q2 2024Q2 2023Y/YQ1 2024Q/QRevenue ($M)$5,835 $5,359 Up 9%$5,473 Up 7%Gross profit ($M)$3,101 $2,665 Up 16%$2,861 Up 8%Gross margin 53% 50% Up 3 ppts 52% Up 1 pptOperating expenses ($M)$1,847 $1,605 Up 15%$1,741 Up 6%Operating income ($M)$1,264 $1,068 Up 18%$1,133 Up 12%Operating margin 22% 20% Up 2 ppts 21% Up 1 pptNet income ($M)$1,126 $948 Up 19%$1,013 Up 11%Diluted earnings per share$0.69 $0.58 Up 19%$0.62 Up 11% Segment Summary Record Data Center segment revenue of $2.8 billion was up 115% year-over-year primarily driven by the steep ramp of AMD Insti...

More updates from Advanced Micro Devices Inc