AMD is gaining in trading after the market close. The company reported impressive revenue growth, beat analysts' profitability expectations, and raised its Q3 2024 guidance.
AMD generated revenue of $5.84 billion in 2Q24, beating consensus expectations by 2% and 9% year-on-year. The company recorded impressive growth in its most important segment, Data Center, where revenues rose by as much as 115% y/y to $2.8 billion. This growth was driven primarily by strong growth in shipments of AMD Instinct GPUs and strong growth in sales of fourth-generation AMD EPYC processors.
In the Gaming segment the company reported a decrease in revenue of 59% y/y, but in the current situation this segment is not a priority for AMD, hence the weaker result does not disappoint investors.
Earnings per share also came in above expectations at $0.69.
The company raised its Q3 revenue forecast to $6.4 - $7 billion. This implies an average value in the range of $6.7 billion, which would represent a 16% y/y increase. At the gross margin level, the company expects 53.5%.
2Q24 RESULTS
- Revenues: $5.84 billion (+9% y/y); expected: $5.72 billion
- Gaming: $0.65 billion (-59% y/y)
- Client: $1.5 billion (+49% y/y)
- Data Center: $2.8 billion (+115% y/y)
- Earnings per share: $0.69; forecasts: 0,68 $
3Q OUTLOOK:
- Revenue: $6.4 - $7 billion (vs. forecasts: $6.62 billion)
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