SANTA CLARA, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the third quarter of 2024 of $6.8 billion, gross margin of 50%, operating income of $724 million, net income of $771 million and diluted earnings per share of $0.47. On a non-GAAP(*) basis, gross margin was 54%, operating income was $1.7 billion, net income was $1.5 billion and diluted earnings per share was $0.92.
“We delivered strong third quarter financial results with record revenue led by higher sales of EPYC and Instinct data center products and robust demand for our Ryzen PC processors,” said AMD Chair and CEO Dr. Lisa Su. “Looking forward, we see significant growth opportunities across our data center, client and embedded businesses driven by the insatiable demand for more compute.”
“We are pleased with our execution in the third quarter, delivering strong year-over-year expansion in gross margin and earnings per share,” said AMD EVP, CFO and Treasurer Jean Hu. "We are on-track to deliver record annual revenue for 2024 based on significant growth in our Data Center and Client segments.”
| GAAP Quarterly Financial Results | |||||
| Q3 2024 | Q3 2023 | Y/Y | Q2 2024 | Q/Q | |
| Revenue ($M) | $6,819 | $5,800 | Up 18% | $5,835 | Up 17% |
| Gross profit ($M) | $3,419 | $2,747 | Up 24% | $2,864 | Up 19% |
| Gross margin | 50% | 47% | Up 3 ppts | 49% | Up 1 ppt |
| Operating expenses ($M) | $2,709 | $2,533 | Up 7% | $2,605 | Up 4% |
| Operating income ($M) | $724 | $224 | Up 223% | $269 | Up 169% |
| Operating margin | 11% | 4% | Up 7 ppts | 5% | Up 6 ppts |
| Net income ($M) | $771 | $299 | Up 158% | $265 | Up 191% |
| Diluted earnings per share | $0.47 | $0.18 | Up 161% | $0.16 | Up 194% |
| Non-GAAP(*) Quarterly Financial Results | |||||
| Q3 2024 | Q3 2023 | Y/Y | Q2 2024 | Q/Q | |
| Revenue ($M) | $6,819 | $5,800 | Up 18% | $5,835 | Up 17% |
| Gross profit ($M) | $3,657 | $2,963 | Up 23% | $3,101 | Up 18% |
| Gross margin | 54% | 51% | Up 3 ppts | 53% | Up 1 ppt |
| Operating expenses ($M) | $1,956 | $1,697 | Up 15% | $1,847 | Up 6% |
| Operating income ($M) | $1,715 | $1,276 | Up 34% | $1,264 | Up 36% |
| Operating margin | 25% | 22% | Up 3 ppts | 22% | Up 3 ppts |
| Net income ($M) | $1,504 | $1,135 | Up 33% | $1,126 | Up 34% |
| Diluted earnings per share | $0.92 | $0.70 | Up 31% | $0.69 | Up 33% |
