Q2 24 EPS
$0.69
BEAT +1.47%
Est. $0.68
Q2 24 Revenue
$5.84B
BEAT +1.94%
Est. $5.72B
vs S&P Since Q2 24
+110.9%
BEATING MARKET
AMD +141.7% vs S&P +30.8%
Market Reaction
Did AMD Beat Earnings? Q2 2024 Results
Advanced Micro Devices delivered a clean beat across the board in Q2 2024, with revenue of $5.83 billion rising 8.9% year-over-year and non-GAAP EPS of $0.69 edging past the $0.68 consensus estimate by 1.47%, as the company's AI-driven momentum trans… Read more Advanced Micro Devices delivered a clean beat across the board in Q2 2024, with revenue of $5.83 billion rising 8.9% year-over-year and non-GAAP EPS of $0.69 edging past the $0.68 consensus estimate by 1.47%, as the company's AI-driven momentum translated into tangible financial results. The single most compelling driver was a record-setting Data Center segment, which surged 115% to $2.83 billion on the back of steep Instinct GPU shipments and strong EPYC CPU adoption, signaling that AMD's push into artificial intelligence infrastructure is gaining real commercial traction. Shares jumped as much as 11% following the report, reflecting investor confidence in the company's trajectory. Meanwhile, a sharp 59% decline in Gaming revenue and a 41% drop in the Embedded segment served as offsets, though both were largely anticipated. Looking ahead, AMD guided Q3 2024 revenue to approximately $6.70 billion, representing roughly 16% year-over-year growth, with non-GAAP gross margin expected at approximately 53.5%, underscoring management's confidence in continued second-half momentum led by Instinct, EPYC, and Ryzen processors.
Key Takeaways
- • Record Data Center segment revenue driven by steep ramp of AMD Instinct GPU shipments
- • Strong growth in 4th Gen AMD EPYC CPU sales
- • Client segment recovery driven by higher AMD Ryzen processor sales
- • Gross margin expansion driven by higher Data Center revenue mix
- • Lower amortization of acquisition-related intangible assets improving GAAP profitability
AMD YoY Financials
Q2 2024 vs Q2 2023, source: SEC Filings
AMD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered strong revenue and earnings growth in the second quarter driven by record Data Center segment revenue. 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.”
— Lisa Su, Q2 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% |