AMD beats Q2 earnings with revenue of $6.55B, up 70%
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Advanced Micro Devices reported its revenues and earnings for the second quarter ended June 30 beat expectations, with revenue growing 70% to $6.55 billion on a GAAP basis.
Non-GAAP net income for the quarter was $1.707 billion, or $1.05 a share, beating expectations of $1.05 a share on revenues of $6.5 billion on a non-GAAP basis. AMD’s shares are down 3.7% to $95.55 a share in after-hours trading.
The Santa Clara, California-based company continues to benefit from its highly competitive Zen and Zen 2 architectures for processors, which can generate 50% or more better performance per clock cycle than the previous generation. This architecture put AMD ahead of Intel in performance for the first time in a decade, and it has helped the perennial No. 2 PC chipmaker into a fast-growing contender against Intel.
The results were better than what rival Intel reported. In the past couple of years, Intel has also stumbled on both the chip design side and in manufacturing, where it has lost its technological advantage to rivals such as TSMC, which makes both processors and graphics chips for AMD. As a result, AMD has been making historic market share gains for the past three years.
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What’s interesting is AMD has been making these gains amid a historic chip shortage driven by the supply whipsaw from the pandemic and unprecedented demand for electronic goods.
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