AMD Reports First Quarter 2024 Financial Results

SANTA CLARA, Calif., April 30, 2024 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the first quarter of 2024 of $5.5 billion, gross margin of 47%, operating income of $36 million, net income of $123 million and diluted earnings per share of $0.07. On a non-GAAP(*) basis, gross margin was 52%, operating income was $1.1 billion, net income was $1.0 billion and diluted earnings per share was $0.62.

“We delivered strong first quarter results with our Data Center and Client segments each growing more than 80% year-over-year driven by the ramp of MI300 AI accelerator shipments and the adoption of our Ryzen and EPYC processors,” said AMD Chair and CEO Dr. Lisa Su. “This is an incredibly exciting time for the industry as widespread deployment of AI is driving demand for significantly more compute across a broad range of markets. We are executing very well as we ramp our data center business and enable AI capabilities across our product portfolio.”

“AMD started the year strong, delivering record quarterly Data Center segment revenue,” said AMD EVP, CFO and Treasurer Jean Hu. “In addition, we drove solid gross margin expansion. Moving forward, we are well positioned to continue driving revenue growth and margin improvement while investing in the large AI opportunities ahead.”

GAAP Quarterly Financial Results

  Q1 2024 Q1 2023 Y/Y Q4 2023 Q/Q
Revenue ($M)$5,473 $5,353 Up 2%$6,168 Down 11%
Gross profit ($M)$2,560 $2,359 Up 9%$2,911 Down 12%
Gross margin 47% 44%Up 3 ppts 47 % Flat
Operating expenses ($M) $ 2,537   $ 2,514   Flat $ 2,575   Flat
Operating income (loss) ($M) $ 36   $ (145 ) Up 125% $ 342   Down 89%
Operating margin   1 %   (3 )% Up 4 ppts   6 % Down 5 ppts
Net income (loss) ($M) $ 123   $ (139 ) Up 188% $ 667   Down 82%
Diluted earnings (loss) per share $ 0.07   $ (0.09 ) Up 178% $ 0.41   Down 83%

Non-GAAP(*) Quarterly Financial Results

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