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 $0.69.
“We delivered strong revenue and earnings growth in the second quarter driven by record Data Center segment revenue,” said AMD Chair and CEO Dr. Lisa Su. “Our AI business continued accelerating and we are well positioned to deliver strong revenue growth in the second half of the year led by demand for Instinct, EPYC and Ryzen processors. The rapid advances in generative AI are driving demand for more compute in every market, creating significant growth opportunities as we deliver leadership AI solutions across our business.”
“AMD executed well in the second quarter, with revenue above the midpoint of our guidance driven by strong growth in the Data Center and Client segments,” said AMD EVP, CFO and Treasurer Jean Hu. “In addition, we expanded gross margin and delivered solid earnings growth, while increasing our strategic AI investments to build the foundation for future growth.”
GAAP Quarterly Financial Results
| Q2 2024 | Q2 2023 | Y/Y | Q1 2024 | Q/Q | |||||||
| Revenue ($M) | $5,835 | $5,359 | Up 9% | $5,473 | Up 7% | ||||||
| Gross profit ($M) | $2,864 | $2,443 | Up 17% | $2,560 | Up 12% | ||||||
| Gross margin | 49% | 46% | Up 3 ppts | 47% | Up 2 ppts | ||||||
| Operating expenses ($M) | $2,605 | $2,471 | Up 5% | $2,537 | Up 3% | ||||||
| Operating income (loss) ($M) | $269 | $(20) | Up 1,445% | $36 | Up 647% | ||||||
| Operating margin | 5% | 0% | Up 5 ppts | 1% | Up 4 ppts | ||||||
| Net income ($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
