AMD Reports Third Quarter 2024 Financial Results

SANTA CLARA, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the third quarter of 2024 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 was $0.92.

“We delivered strong third quarter financial results with record revenue led by higher sales of EPYC and Instinct data center products and robust demand for our Ryzen PC processors,” said AMD Chair and CEO Dr. Lisa Su. “Looking forward, we see significant growth opportunities across our data center, client and embedded businesses driven by the insatiable demand for more compute.”

“We are pleased with our execution in the third quarter, delivering strong year-over-year expansion in gross margin and earnings per share,” said AMD EVP, CFO and Treasurer Jean Hu. "We are on-track to deliver record annual revenue for 2024 based on significant growth in our Data Center and Client segments.”


GAAP Quarterly Financial Results
 
  Q3 2024 Q3 2023 Y/Y Q2 2024 Q/Q
Revenue ($M)$6,819$5,800 Up 18%$5,835 Up 17%
Gross profit ($M)$3,419$2,747 Up 24%$2,864 Up 19%
Gross margin50%47% Up 3 ppts49% Up 1 ppt
Operating expenses ($M)$2,709$2,533 Up 7%$2,605 Up 4%
Operating income ($M)$724$224 Up 223%$269 Up 169%
Operating margin11%4% Up 7 ppts5% Up 6 ppts
Net income ($M)$771$299 Up 158%$265 Up 191%
Diluted earnings per share$0.47$0.18 Up 161%$0.16 Up 194%
 


Non-GAAP(*) Quarterly Financial Results
 
  Q3 2024 Q3 2023 Y/Y Q2 2024 Q/Q
Revenue ($M) $6,819 $5,800  Up 18% $5,835  Up 17%
Gross profit ($M) $3,657 $2,963  Up 23% $3,101  Up 18%
Gross margin 54% 51%  Up 3 ppts 53%  Up 1 ppt
Operating expenses ($M) $1,956 $1,697  Up 15% $1,847  Up 6%
Operating income ($M) $1,715 $1,276  Up 34% $1,264  Up 36%
Operating margin 25% 22%  Up 3 ppts 22%  Up 3 ppts
Net income ($M) $1,504 $1,135  Up 33% $1,126  Up 34%
Diluted earnings per share $0.92 $0.70  Up 31% $0.69  Up 33%
 

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