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AMD beats Q2 earnings

Posted by: SlayeR in News (Other/Misc)     Tags: AMD beats Q2 earnings
Advanced Micro Devices reported its revenues and earnings for the second quarter ended June 30 beat expectations, with revenue growing 70% to $6.55 billion on a GAAP basis.

Non-GAAP net income for the quarter was $1.707 billion, or $1.05 a share, beating expectations of $1.05 a share on revenues of $6.5 billion on a non-GAAP basis. AMD’s shares are down 3.7% to $95.55 a share in after-hours trading.

The Santa Clara, California-based company continues to benefit from its highly competitive Zen and Zen 2 architectures for processors, which can generate 50% or more better performance per clock cycle than the previous generation. This architecture put AMD ahead of Intel in performance for the first time in a decade, and it has helped the perennial No. 2 PC chipmaker into a fast-growing contender against Intel.

The results were better than what rival Intel reported. In the past couple of years, Intel has also stumbled on both the chip design side and in manufacturing, where it has lost its technological advantage to rivals such as TSMC, which makes both processors and graphics chips for AMD. As a result, AMD has been making historic market share gains for the past three years.

What’s interesting is AMD has been making these gains amid a historic chip shortage driven by the supply whipsaw from the pandemic and unprecedented demand for electronic goods.

AMD had quarterly revenue of $6.55 billion, non-GAAP gross margin of 54% and non-GAAP operating margin of 30%. On a GAAP basis, revenues were $6.55 billion, up 70%.

“We delivered our eighth straight quarter of record revenue based on our strong execution and expanded product portfolio,” said AMD CEO Lisa Su, in a statement. “Each of our segments grew significantly year-over-year, led by higher sales of our data center and embedded products. We see continued growth in the back half of the year highlighted by our next generation 5nm product shipments and supported by our diversified business model.”

Intel, meanwhile, has been doubling down on its manufacturing investments as a way to stay competitive and take advantage of the chip boom and supply shortage.

Analysts expected AMD to report earnings per share of $1.03 on revenues of $6.53 billion for the second quarter ended June 30. For the third quarter ending September 30, analysts expect AMD to report earnings per share of $1.09 on revenues of $6.82 billion.

AMD said datacenter revenue was $1.5 billion, up 83% from a year earlier based on strong sales of Epyc server processors. Operating income was $472 million, compared with $204 million a year ago, driven by higher revenue and offset partially by higher operating expenses.
Added: Jan 21 2024, 05:20 PM
Modified: Never edited!
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