AMD Reports Record Q3 Revenue, Meets EPS Estimates, Guidance Below Consensus, Stock Down 5%

Oct 29, 2024, 08:18 PM

Advanced Micro Devices (AMD) reported its Q3 2024 financial results, achieving record revenue of $6.82 billion, surpassing the expected $6.71 billion, representing an 18% year-over-year growth. The company's earnings per share (EPS) were in line with estimates at $0.92. AMD's data center revenue saw significant growth, reaching $3.5 billion, up from $1.6 billion in Q3 2023. The company also reported a gross margin of 54%, an increase from 51% year-over-year. Operating income was $724 million, and net income was $771 million. Despite these strong results, AMD's guidance for Q4 2024 revenue was slightly below consensus, projecting between $7.2 billion to $7.8 billion, compared to the estimated $7.55 billion. This has led to a 5% decline in AMD's stock price after hours.