AMD’s Q3 revenues hit $5.8B, up 4% as PC CPUs grow again
Advanced Micro Devices reported that revenue in its third quarter was $5.8 billion, up 4% from a year earlier and 8% sequentially as as new products, AI chips and data center tech grew in the quarter.
AMD makes the processors and graphics processing units (GPUs) used in AI machines, are riding on high demand for AI. AMD said PC client revenue recovered in the quarter, hitting $1.5 billion in revenues, up 42% from a year ago. Gaming revenues, however, were down 8% in the quarter.
“We delivered strong revenue and earnings growth driven by demand for our Ryzen 7000 series PC processors and record server processor sales,” said AMD CEO Lisa Su, in a statement. “Our data center business is on a significant growth trajectory based on the strength of our EPYC CPU portfolio and the ramp of Instinct MI300 accelerator shipments to support multiple deployments with hyperscale, enterprise and AI customers.”
In after-hours trading, AMD’s stock is down 4.4% to $94.11 a share. AMD’s value is $159 billion in overall market capitalization, which is actually higher than rival Intel at $153 billion. In a call with analysts, Su said AMD gained market share in data center chips in the quarter.
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Analysts expected Q3 earnings per share to come in at 64 cents on revenue of $5.37 billion. GAAP net income for Q3 came in at $299 million, or 18 cents a share, up 353% from a year ago. On a non-GAAP basis, net income for Q3 was $1.13 billion, or 70 cents a share, up 4% from a year ago.
“We executed well in the third quarter, delivering
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