On July 31, AMD released its financial report for the second quarter of 2024 today, with total revenue of $5.835 billion (IT home note: currently about 42.379 billion yuan), an increase of 9% year-on-year and 7% quarter-on-quarter, compared with the previous expectation of $5.72 billion.
Source: AMD official website
Note: AMD's net profit for the quarter was $265 million, up 881% year-over-year and 115% quarter-on-quarter; Earnings per share were 16 cents, compared to 2 cents last year, up 700% year-over-year and 129% sequentially.
Although AMD is the second-largest supplier of data center graphics processing units (GPUs) after Nvidia, its stock price is still down about 6% year-to-date.
Investors want to see AMD take market share away from its longtime rival Nvidia with the MI300X AI chip and signal the growth of the data center AI business.
AMD said earlier this year that it expects sales of AI chips to reach $4 billion this year, or about 15% of the company's expected sales.
AMD CEO Lisa Su said in a call with analysts that sales of the company's AI chips were "higher than expected," with revenue from MI300 chips exceeding $1 billion in the quarter.
"We now expect data center GPU revenue to exceed $4.5 billion in 2024, up from our April forecast of $4 billion," Su said.
AMD AI chip sales in the company's data center division reported a 115% year-over-year surge to $2.8 billion, driven by increased AI GPU shipments.
[Source: IT House]