AMD reports non-GAAP Q1 revenue grew 55% to $5.3B
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Advanced Micro Devices reported its revenues and earnings for the first quarter ended March 31 beat expectations, with revenue growing 55% to $5.3 billion on a non-GAAP basis (excluding Xilinx results).
Non-GAAP net income for the quarter was $1.6 billion, or 1.13 cents a share, beating expectations of 91 cents a share on a non-GAAP basis. AMD’s shares are up 4.6% to $95.39 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.
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.
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.
Excluding Xilinx, AMD had record quarterly revenue of $5.3 billion, non-GAAP gross margin of 53% and non-GAAP operating margin of 30%. On a GAAP basis, including Xilinx, revenues were $5.9 billion, up 71%.
“The first quarter marked a significant inflection point in our journey to scale and transform AMD as we delivered record
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