Fast Technology reported on May 1 that AMD announced its financial results for the first quarter of 2024 today, with revenue and profits rising across the board and exceeding analysts' expectations.
On a GAAP basis, AMD's revenue for the quarter was $5.473 billion, down 2% year-over-year and down 11% sequentially, gross profit of $2.560 billion, up 9% year-over-year and down 12% sequentially, and gross margin of 47%, up 3 percentage points year-on-year and flat sequentially.
Net income of $123 million increased 188% year-over-year and down 82% sequentially, and earnings per share of $0.07 increased 178% year-over-year and decreased 83% sequentially.
By business line, the data center business benefited from the fourth-generation EPYC CPU processors and Instinct GPU accelerators, with revenue of $2.337 billion, up 80% year-on-year, and operating profit of $541 million, up 266% year-on-year.
Among them, the cumulative revenue of the MI300 series accelerator has exceeded $1 billion, and it is expected to eventually exceed $4 billion.
EPYC continues to gain market share, having already acquired nearly 900 public cloud instances, and the next-generation Zen5 EPYC, codenamed Turin, will be released later this year.
The Ryzen 8000 series in the client business performed well, driving an 85% increase in revenue to $1.368 billion and a 150% increase in operating profit to $86 million.
Gaming revenue fell 48% to $922 million and operating profit fell 52% to $152 million due to sluggish graphics card sales and a decline in semi-custom products.
Embedded revenue fell 46% to $846 million and operating profit fell 57% to $342 million due to customer inventory.
AMD expects fourth-quarter 2024 revenue of $5.4 billion to $6 billion, gross margin of 53% and operating expenses of $1.8 billion.