Q4 24 EPS
$1.09
BEAT +0.00%
Est. $1.09
Q4 24 Revenue
$7.66B
BEAT +1.73%
Est. $7.53B
vs S&P Since Q4 24
+211.7%
BEATING MARKET
AMD +231.0% vs S&P +19.3%
Full Year 2024 Results
FY 24 EPS
$3.31
MISS 0.35%
Est. $3.32
FY 24 Revenue
$25.79B
BEAT +0.51%
Est. $25.65B
Market Reaction
Did AMD Beat Earnings? Q4 2024 Results
Advanced Micro Devices capped 2024 with a record-setting quarter, posting Q4 revenue of $7.66 billion, up 24.2% year-over-year and ahead of the $7.53 billion consensus, while non-GAAP EPS of $1.09 matched analyst expectations exactly. The headline dr… Read more Advanced Micro Devices capped 2024 with a record-setting quarter, posting Q4 revenue of $7.66 billion, up 24.2% year-over-year and ahead of the $7.53 billion consensus, while non-GAAP EPS of $1.09 matched analyst expectations exactly. The headline driver was an explosive Data Center segment, which generated record quarterly revenue of $3.86 billion, up 69% year-over-year, as strong demand for AMD Instinct GPUs and continued EPYC CPU adoption pushed annual Data Center revenue to nearly double its prior-year level. The Client segment added further momentum, reaching a record $2.31 billion on robust Ryzen processor demand, though sharp declines in Gaming and Embedded segments tempered the broader picture. Non-GAAP gross margin expanded to 54%, reflecting a favorable mix shift toward higher-margin products, while free cash flow surged to $1.09 billion from $242 million a year earlier. Despite the strong results, some observers noted that AMD's AI GPU growth trajectory remains a point of scrutiny relative to the broader competitive landscape. Looking ahead, AMD guided Q1 2025 revenue to approximately $7.10 billion, implying roughly 30% year-over-year growth, with non-GAAP gross margin again expected at 54%.
Key Takeaways
- • Strong ramp of AMD Instinct GPU shipments driving Data Center growth
- • Accelerating EPYC CPU adoption with 1,000+ cloud instances exiting 2024
- • Strong demand for AMD Ryzen processors in desktop and mobile driving Client segment
- • Favorable revenue mix shift toward higher-margin Data Center and Client products
- • Record non-GAAP operating income driven by higher revenue and gross margin expansion
AMD YoY Financials
Q4 2024 vs Q4 2023, source: SEC Filings
AMD Revenue by Segment
With YoY comparisons, source: SEC Filings
“2024 was a transformative year for AMD as we delivered record annual revenue and strong earnings growth. Data Center segment annual revenue nearly doubled as EPYC processor adoption accelerated and we delivered more than $5 billion of AMD Instinct accelerator revenue. Looking into 2025, we see clear opportunities for continued growth based on the strength of our product portfolio and growing demand for high-performance and adaptive computing.”
— Lisa Su, Q4 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% |