AMD reports third-quarter 2024 financial results

SANTA CLARA, Calif., Oct. 29, 2024 /PRNewswire/ — AMD (NASDAQ: AMD) today reported third-quarter 2024 revenue of $6.8 billion, gross margin of 50%, operating income of $724 million, net income of $771 million and diluted earnings per share of $0.47. On a non-GAAP basis, gross margin was 54%, operating income was $1.7 billion, net income was $1.5 billion and diluted earnings per share were $0.92.

Dr. Lisa Su, Chairman and Chief Executive Officer of AMD, said, “Our strong third quarter delivered record quarterly revenue, driven by increased sales of EPYC™ processors and the Instinct family of data center products, as well as increased demand for Ryzen™ PC processors. Looking ahead, we see significant growth opportunities in the data center, client and embedded businesses, driven by the huge demand for computing power. ”

Jean Hu, Executive Vice President, Chief Financial Officer and Treasurer of AMD, said, “We are very pleased with our third-quarter performance, with strong year-over-year growth in gross margin and earnings per share. Based on the significant growth in our Data Center & Client Division, we are on track to achieve record annual turnover in 2024. ”

Quarterly departmental summary

Data Center Group revenue reached a new quarterly high of $3.5 billion, up 122% year-over-year and 25% sequentially, driven by significant growth in AMD Instinct GPU shipments and strong sales growth in AMD EPYC CPUs.
Client Group revenue for the quarter was $1.9 billion, up 29% year-over-year and 26% sequentially, driven by strong demand for AMD Ryzen™ processors with the “Zen 5” architecture.
Games revenue for the quarter was $462 million, down 69% year-over-year and 29% sequentially, primarily due to lower revenue in the semi-custom business.
Embedded segment revenue for the quarter was $927 million, down 25% year-over-year, primarily due to customer adjustments to inventory levels. Revenue increased 8% sequentially, mainly due to higher demand in some end markets.

About AMD:

For more than 50 years, AMD has led innovation in high-performance computing, graphics, and visualization technologies. AMD employees are committed to building leading-edge high-performance and adaptive products that push the boundaries of technology. Hundreds of millions of people around the world, leading Fortune 500 companies, and cutting-edge scientific research institutions rely on AMD technology to improve their lives, work, and entertainment. Achieve today, inspire the future. For more information, please visit the official website of AMD Inc. (NASDAQ: AMD) http://www.amd.com.cn,.