AMD beats market expectations, a net income of $265 million in Q2
Advanced Micro Devices exceeded revenue in the second quarter projections on Wall Street and showed a steady increase in the company’s sales of artificial intelligence processors. In extended trade, AMD shares increased by 8%.
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | FCA, CySEC, ASIC, MAS, FSA, EFSA, DFSA, CFTC | USD 100 | Visit Broker |
| 🥈 |  | Read Review | FSCA, FSC, ASIC, CySEC, DFSA | USD 5 | Visit Broker |
| 🥉 |  | Read Review | CySEC, MISA, FSCA | USD 25 | Visit Broker |
| 4 |  | Read Review | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | USD 200 | Visit Broker |
| 5 |  | Read Review | ASIC, FCA, CySEC, SCB | USD 100 | Visit Broker |
| 6 |  | Read Review | FCA, FSCA, FSC, CMA | USD 200 | Visit Broker |
| 7 |  | Read Review | BVI FSC | USD 1 | Visit Broker |
| 8 |  | Read Review | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | USD 10 | Visit Broker |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker |
| 10 |  | Read Review | IFSC, FSCA, ASIC, CySEC | USD 1 | Visit Broker |
In contrast to Wall Street’s projections of 93 cents in earnings per share on $6.61 billion in sales, AMD stated it anticipates roughly $6.7 billion in sales for the current quarter.
In comparison to the same time last year, when net income was $27 million, or two cents per share, the chipmaker posted net income of $265 million, or 16 cents per share. AMD’s stock has dropped by about 6% this year, despite the company being the second-largest provider of graphics processing units (GPUs) for data centers, behind Nvidia.
The company’s price has more than doubled this year partly because Nvidia emerged as the preferred semiconductor since AI GPUs are required for training and implementing sophisticated AI like ChatGPT.
AMD CEO Lisa Su said that the company’s sales of AI chips were “higher than expected” and that the MI300 processors brought in more than $1 billion in revenue during a conference call with investors.
Su stated in a conference call with analysts, “As a result, we now expect data center GPU revenue to exceed $4.5 billion in 2024, up from the $4 billion we guided in April.”
The company’s Data Center sector accounts for sales of AMD AI chips, which increased 115% year over year to $2.8 billion, according to AMD. The growth was driven by AI GPUs. Data Center revenue was expected to reach $2.75 billion.
AMD’s main product is central processors (CPUs) for laptops and servers. PC sales, included in the company’s Client sector, exceeded StreetAccount’s $1.43 billion projection by 49% YoY to $1.5 billion. Based on this pattern, the PC market might rebound after experiencing a few years of decline due to the epidemic.
AMD also manufactures CPUs for gaming consoles and GPUs for 3D graphics. It showed $648 million in gaming revenue, 59% less than the year before.
ABOUT THE AUTHOR
See More
Add 3442
Related Posts
Add 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker