AMD Reports Second Quarter 2024 Financial Results
Revenue Increases Driven by Data Center and Gaming
Adjusted Earnings per Share Exceed Expectations
SANTA CLARA, Calif. - (BUSINESS WIRE) - July 30, 2024 - AMD (NASDAQ: AMD) today announced its financial results for the second quarter of 2024, with revenue reaching $68 cents 583 billion, a 19.7% increase compared to $572 billion in the second quarter of 2023. On an adjusted basis, earnings per share were 62. 69 cents, surpassing analyst expectations of 68 cents.
The growth was primarily driven by strong demand for AMD's data center and gaming products. The company's data center revenue jumped by 40% year-over-year, fueled by the adoption of its EPYC server processors. Gaming revenue also saw a significant increase of 15% year-over-year, driven by the popularity of its Radeon graphics cards and Ryzen CPUs.
AMD's CEO, Lisa Su, expressed optimism about the company's performance and future prospects. "We delivered another strong quarter, driven by continued execution of our strategy," said Su. "Our data center and gaming businesses are performing exceptionally well, and we are confident in our ability to maintain this momentum going forward."
For the third quarter of 2024, AMD expects revenue to be approximately $6.7 billion. The company also announced that it has repurchased $1.5 billion of its common stock during the second quarter.
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