On October 29, 2024, Advanced Micro Devices, Inc. (AMD) reported its financial results for the third quarter ended September 28, 2024. The company announced a record revenue of $6.8 billion, which is an 18% increase year-over-year, and a gross margin of 50%. The net income stood at $771 million with diluted earnings per share of $0.47. On a non-GAAP basis, the gross margin was 54%, operating income reached $1.7 billion, net income was $1.5 billion, and diluted earnings per share was $0.92. AMD's Chair and CEO, Dr. Lisa Su, attributed the strong financial performance to higher sales of EPYC and Instinct data center products, as well as robust demand for Ryzen PC processors. The company also highlighted significant growth opportunities across its data center, client, and embedded businesses. AMD...Show More

On October 29, 2024, Advanced Micro Devices, Inc. (AMD) reported its financial results for the third quarter ended September 28, 2024. The company announced a record revenue of $6.8 billion, which is an 18% increase year-over-year, and a gross margin of 50%. The net income stood at $771 million with diluted earnings per share of $0.47. On a non-GAAP basis, the gross margin was 54%, operating income reached $1.7 billion, net income was $1.5 billion, and diluted earnings per share was $0.92. AMD's Chair and CEO, Dr. Lisa Su, attributed the strong financial performance to higher sales of EPYC and Instinct data center products, as well as robust demand for Ryzen PC processors. The company also highlighted significant growth opportunities across its data center, client, and embedded businesses. AMD's financial report included forward-looking guidance and non-GAAP financial measures, with reconciliations to GAAP provided in the attached exhibits. The company expects continued growth with a revenue forecast of approximately $7.5 billion for the fourth quarter of 2024, representing a year-over-year increase of about 22% and sequential growth of around 10%. Non-GAAP gross margin is anticipated to be approximately 54%. The report also mentioned AMD's recent strategic partnerships, product launches, and acquisitions aimed at expanding its AI and data center capabilities.