Q1 24 EPS
$0.62
BEAT +1.64%
Est. $0.61
Q1 24 Revenue
$5.47B
BEAT +0.26%
Est. $5.46B
vs S&P Since Q1 24
+100.7%
BEATING MARKET
AMD +144.8% vs S&P +44.0%
Market Reaction
Did AMD Beat Earnings? Q1 2024 Results
Advanced Micro Devices edged past Wall Street's expectations in the first quarter of 2024, reporting adjusted earnings of $0.62 per share against a consensus estimate of $0.61, a beat of 1.64%, while revenue of $5.47 billion topped the $5.46 billion … Read more Advanced Micro Devices edged past Wall Street's expectations in the first quarter of 2024, reporting adjusted earnings of $0.62 per share against a consensus estimate of $0.61, a beat of 1.64%, while revenue of $5.47 billion topped the $5.46 billion forecast by 0.26% and grew 2.2% year-over-year. The headline driver was a record $2.34 billion in Data Center revenue, up 80% year-over-year, fueled by surging demand for AMD's MI300 AI accelerators and continued adoption of EPYC server CPUs, with MI300 GPUs crossing $1 billion in cumulative sales since their late 2023 launch. Those gains, however, were tempered by sharp declines in Gaming and Embedded segments, down 48% and 46% year-over-year respectively, reflecting lower console revenue and persistent inventory corrections. Non-GAAP gross margin expanded to 52% from 50% a year ago, underscoring the favorable mix shift toward higher-margin products. Despite shares sliding following the report amid investor scrutiny of AI investment costs, AMD's Q2 guidance of approximately $5.70 billion in revenue and 53% non-GAAP gross margin signals continued momentum ahead.
Key Takeaways
- • Ramp of MI300 AI accelerator shipments driving record Data Center segment revenue
- • Adoption of 4th Gen EPYC CPUs with nearly 900 public cloud instances available
- • Ryzen 8000 Series processor sales driving 85% Client segment YoY growth
- • Non-GAAP gross margin expansion to 52% from favorable Data Center and Client revenue mix
- • Lower semi-custom revenue and Radeon GPU sales weighing on Gaming segment
- • Embedded customer inventory digestion continuing to pressure Embedded revenue
AMD YoY Financials
Q1 2024 vs Q1 2023, source: SEC Filings
AMD Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Lisa Su, Q1 2024 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% |