Q3 23 EPS
$0.70
BEAT +9.37%
Est. $0.64
Q3 23 Revenue
$5.80B
BEAT +8.01%
Est. $5.37B
vs S&P Since Q3 23
+197.8%
BEATING MARKET
AMD +268.3% vs S&P +70.5%
Market Reaction
Did AMD Beat Earnings? Q3 2023 Results
Advanced Micro Devices delivered a broad earnings beat in the third quarter of 2023, posting non-GAAP EPS of $0.70 against a consensus estimate of $0.64, a 9.37% beat, while revenue of $5.80 billion topped expectations by 8.01% and rose 4.2% year-ove… Read more Advanced Micro Devices delivered a broad earnings beat in the third quarter of 2023, posting non-GAAP EPS of $0.70 against a consensus estimate of $0.64, a 9.37% beat, while revenue of $5.80 billion topped expectations by 8.01% and rose 4.2% year-over-year. The standout driver was a resurgent Client segment, which surged 42% year-over-year to $1.45 billion on strong Ryzen mobile processor demand, swinging to $140 million in operating income from a $26 million loss a year ago, while record server processor sales in the Data Center segment, up 21% sequentially to $1.60 billion, added further momentum. Non-GAAP gross margin held at 51%, reflecting the company's improving product mix even as R&D spending climbed in pursuit of AI opportunities. Looking ahead, AMD guided Q4 revenue of approximately $6.10 billion, implying roughly 9% year-over-year growth, with CEO Lisa Su projecting more than $2 billion in MI300 AI accelerator revenue for 2024, a forecast that reinforced AMD's emerging position as a credible rival in the AI chip market.
Key Takeaways
- • Strong demand for Ryzen 7000 series PC processors drove Client segment revenue up 42% year-over-year
- • Record server processor sales with accelerating 4th Gen EPYC CPU customer adoption
- • Non-GAAP gross margin expansion to 51% driven by stronger Client revenue and product mix
- • Radeon GPU sales growth partially offset semi-custom revenue decline in Gaming
AMD YoY Financials
Q3 2023 vs Q3 2022, source: SEC Filings
AMD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered strong revenue and earnings growth driven by demand for our Ryzen 7000 series PC processors and record server processor sales.”
— Lisa Su, Q3 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% |