Advanced Micro Devices, Inc. (AMD) reported its financial results for the first quarter ended March 30, 2024, on April 30, 2024. The company announced a revenue of $5.5 billion, a gross margin of 47%, and net income of $123 million, resulting in diluted earnings per share of $0.07. On a non-GAAP basis, the gross margin was 52%, with operating income at $1.1 billion, net income at $1.0 billion, and diluted earnings per share at $0.62. AMD's Data Center and Client segments each grew more than 80% year-over-year, driven by the ramp of MI300 AI accelerator shipments and the adoption of Ryzen and EPYC processors. The company also highlighted the widespread deployment of AI as a significant driver of demand for computing across various markets. AMD's non-GAAP financial measures...Show More

Advanced Micro Devices, Inc. (AMD) reported its financial results for the first quarter ended March 30, 2024, on April 30, 2024. The company announced a revenue of $5.5 billion, a gross margin of 47%, and net income of $123 million, resulting in diluted earnings per share of $0.07. On a non-GAAP basis, the gross margin was 52%, with operating income at $1.1 billion, net income at $1.0 billion, and diluted earnings per share at $0.62. AMD's Data Center and Client segments each grew more than 80% year-over-year, driven by the ramp of MI300 AI accelerator shipments and the adoption of Ryzen and EPYC processors. The company also highlighted the widespread deployment of AI as a significant driver of demand for computing across various markets. AMD's non-GAAP financial measures are intended to provide additional insight to investors and are reconciled with GAAP financial measures in the earnings release. The company will hold a conference call to discuss the financial results and provide forward-looking guidance. For the second quarter of 2024, AMD expects revenue to be approximately $5.7 billion, with a non-GAAP gross margin of about 53%.