AMD Reports Strong Q2 2024 Earnings: Revenue up 9% YoY to $5.84B, Adjusted EPS $0.69, Data Center Growth 115% YoY

Jul 30, 2024, 08:27 PM

Advanced Micro Devices (AMD) reported strong earnings for Q2 2024, with revenue reaching $5.84 billion, up 9% year-over-year, surpassing the estimated $5.72 billion, and adjusted EPS of $0.69, beating the expected $0.68. The company experienced significant growth in its data center segment, with revenue surging 115% year-over-year to $2.8 billion. AMD's gross margin was 49%, and net income rose to $265 million, an increase of 881% year-over-year. The company also reported an EPS of $0.16 and operating income of $269 million. AMD has raised its forecast for Q3 2024, expecting revenue between $6.4 billion and $7 billion, driven by strong demand for its AI processors, including the MI300 chips, which generated over $1 billion in sales during the quarter. AMD's stock climbed 7% in after-hours trading following the positive earnings report, up 4.75% overall.