AMD Reports Q2 2024 Financial Results
AMD reported Q2 2024 revenues of $5.8 billion, a 9% increase, with strong growth in the Data Center segment. The company anticipates Q3 revenue of $6.7 billion, up 16%.
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Advanced Micro Devices, Inc. (AMD) reported its financial results for the second quarter of 2024, achieving revenues of $5.8 billion, a 9% increase year-over-year. The company recorded a gross margin of 49%, with an operating income of $269 million and a net income of $265 million, translating to diluted earnings per share of $0.16. On a non-GAAP basis, revenue was also $5.8 billion, with a gross margin of 53% and net income of $1.1 billion, resulting in diluted earnings per share of $0.69. The significant growth was attributed to record revenue in the Data Center segment, which reached $2.8 billion, up 115% year-over-year, driven by AMD Instinct GPU shipments and 4th Gen EPYC CPU sales. The Client segment also saw a 49% increase in revenue, primarily from Ryzen processor sales. However, the Gaming and Embedded segments experienced declines in revenue. AMD's CEO, Dr. Lisa Su, highlighted the acceleration of their AI business and strong demand for their processors. Looking ahead, AMD anticipates third-quarter revenue of approximately $6.7 billion, reflecting a year-over-year growth of about 16%. The company continues to invest in AI solutions and has announced new products, including the AMD Ryzen AI 300 Series processors and the AMD Instinct MI325X accelerator, aimed at enhancing their AI capabilities.
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