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Will AMD's stock price recover 7% by the end of 2024?
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AMD Reports Record Q3 Revenue of $6.82 Billion, Stock Falls 7% on Disappointing Q4 Forecast
Oct 29, 2024, 08:23 PM
Advanced Micro Devices (AMD) reported its Q3 2024 earnings, achieving record revenue of $6.82 billion, surpassing the estimated $6.71 billion. The company's earnings per share (EPS) were $0.92, in line with expectations, while GAAP EPS was $0.47. AMD's data center revenue surged to $3.5 billion, a 122% year-over-year increase, driven by strong sales of EPYC CPUs and Instinct GPUs. The company reported a gross margin of 50% and operating income of $724 million. Despite the strong performance, AMD's stock fell by 7% after hours due to a disappointing Q4 revenue forecast. The company projected Q4 revenue between $7.2 billion and $7.8 billion, slightly below the consensus estimate of $7.55 billion. AMD also raised its AI GPU revenue forecast for 2024 to $5 billion, up from the previous estimate of $4.5 billion.
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