July 31, 2024 - $Advanced Micro Devices (AMD.US)$shares surged 8.85% to $150.69 in pre-market trading on Wednesday. The company has reported second quarter 2024 financial results.
Financial Highlights
Q2 revenue of $5.8 billion, higher than Q1 outlook of $5.7 billion.
Q2 gross margin of 49%; Up 3 ppts YoY.
Operating income of $269 million, growth of 1,445% YoY.
Q2 net income of $265 million; diluted earnings per share of $0.16.
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 Instinct™️ GPU shipments, and strong growth in 4th Gen AMD EPYC™️ CPU sales. Revenue increased 21% sequentially primarily driven by the strong ramp of AMD Instinct GPU shipments.
Client segment revenue was $1.5 billion, up 49% year-over-year and 9% sequentially primarily driven by sales of AMD Ryzen™️ processors.
Gaming segment revenue was $648 million, down 59% year-over-year and 30% sequentially primarily due to a decrease in semi-custom revenue.
Embedded segment revenue was $861 million, down 41% year-over-year as customers continued to normalize their inventory levels. Revenue increased 2% sequentially.
Q3 Outlook
For the third quarter of 2024, AMD expects revenue to be approximately $6.7 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 16% and sequential growth of approximately 15%. Non-GAAP gross margin is expected to be approximately 53.5%.
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