Q1 23 EPS
$0.60
BEAT +7.14%
Est. $0.56
Q1 23 Revenue
$5.35B
BEAT +1.00%
Est. $5.30B
vs S&P Since Q1 23
+252.1%
BEATING MARKET
AMD +328.8% vs S&P +76.6%
Market Reaction
Did AMD Beat Earnings? Q1 2023 Results
Advanced Micro Devices posted a better-than-expected first quarter, reporting non-GAAP earnings per share of $0.60 against a consensus estimate of $0.56, a 7.14% beat, even as revenue of $5.35 billion slid 9.1% year-over-year in a difficult demand en… Read more Advanced Micro Devices posted a better-than-expected first quarter, reporting non-GAAP earnings per share of $0.60 against a consensus estimate of $0.56, a 7.14% beat, even as revenue of $5.35 billion slid 9.1% year-over-year in a difficult demand environment. The top line still edged past the $5.30 billion Street estimate by 1%, with the quarter's most striking dynamic being the wide divergence across AMD's business units: the Embedded segment surged 163% year-over-year to $1.56 billion on the back of a full quarter of Xilinx contributions, while the Client segment collapsed 65% to $739 million as AMD intentionally reduced shipments to burn off downstream inventory. On a GAAP basis, AMD recorded a net loss of $139 million, weighed down by $823 million in amortization of acquired intangibles tied to the Xilinx integration. AMD's shares fell sharply in after-hours trading despite the headline beats, reflecting investor concern over a muted outlook; the company guided Q2 2023 revenue to approximately $5.30 billion, representing a roughly 19% year-over-year decline, with non-GAAP gross margin expected to hold near 50% before expanding in the second half as PC and server markets recover.
Key Takeaways
- • Embedded segment strength from full quarter of Xilinx revenue and strong end-market demand drove 163% y/y growth
- • Data Center cloud sales grew strong double-digit percentage y/y from EPYC processor adoption
- • Semi-custom SoC revenue in Gaming grew double-digit y/y on strong console demand
- • Client segment revenue declined 65% y/y as processor shipments were intentionally kept below consumption to reduce downstream inventory
- • Non-GAAP operating expense discipline kept costs at $1.587 billion despite revenue headwinds
AMD YoY Financials
Q1 2023 vs Q1 2022, source: SEC Filings
AMD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We executed very well in the first quarter as we delivered better than expected revenue and earnings in a mixed demand environment. We launched multiple leadership products and made significant progress accelerating our AI roadmap and customer engagements in the quarter. Longer-term, we see significant growth opportunities as we successfully deliver our roadmaps, execute our strategic data center and embedded priorities and accelerate adoption of our AI portfolio.”
— Lisa Su, Q1 2023 Earnings Press Release
AMD Earnings Trends
AMD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AMD EPS Trend
Earnings per share: estimate vs actual
AMD Revenue Trend
Quarterly revenue: estimate vs actual
AMD Quarterly Results
11 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $1.32 | $1.53 | +15.91% | $10.27B | +5.64% |
| FY Full Year | $3.98 | $4.17 | +4.81% | $34.64B | +1.61% |
| Q3 25 BEAT | $1.17 | $1.20 | +2.37% | $9.25B | +5.66% |
| Q2 25 MISS | $0.48 | $0.48 | -0.54% | $7.69B | +3.43% |
| Q1 25 BEAT | $0.93 | $0.96 | +2.83% | $7.44B | +4.47% |
| Q4 24 BEAT FY | $1.09 | $1.09 | +0.00% | $7.66B | +1.73% |
| FY Full Year | $3.32 | $3.31 | -0.35% | $25.79B | +0.51% |
| Q3 24 BEAT | $0.91 | $0.92 | +1.10% | $6.82B | +1.64% |
| Q2 24 BEAT | $0.68 | $0.69 | +1.47% | $5.84B | +1.94% |
| Q1 24 BEAT | $0.61 | $0.62 | +1.64% | $5.47B | +0.26% |
| Q4 23 | $0.71 | — | — | — | — |
| Q3 23 BEAT | $0.64 | $0.70 | +9.37% | $5.80B | +8.01% |
| Q1 23 BEAT | $0.56 | $0.60 | +7.14% | $5.35B | +1.00% |