AMD Surpasses Q2 Earnings Expectations with $5.84 Billion Revenue, EPS $0.69, Strong Data Center Growth

Jul 30, 2024, 08:20 PM

Advanced Micro Devices (AMD) reported its Q2 2024 earnings, surpassing market expectations. The company posted a revenue of $5.84 billion, beating the estimated $5.72 billion. Adjusted earnings per share (EPS) came in at $0.69, exceeding the forecasted $0.68. AMD's data center segment achieved record revenue of $2.8 billion, marking a 115% year-over-year increase. The company also reported a gross margin of 49%, operating income of $269 million, and net income of $265 million with a GAAP EPS of $0.16. Additionally, AMD provided an optimistic revenue forecast for Q3 2024, projecting between $6.4 billion and $7 billion, compared to the market estimate of $6.62 billion. Following the earnings report, AMD's stock rose approximately 4% in after-hours trading.