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AMD Q3 2024 earnings results beat revenue expectations on in-line EPS

Sales from the Data Center sector offset losses from AMD's gaming department.

Ozzie Mejia

October 29, 2024 1:58 PM

AMD

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AMD has reported in with its quarterly earnings report for Q3 2024. On the strength of its EPYC server processors and its data center products, the company reported a gross revenue number of $6.8 billion USD, beating analyst expectations. The company is looking at a positive quarter ahead, powered largely by the demand of its upcoming processor lineup.

"We delivered strong third quarter financial results with record revenue led by higher sales of EPYC and Instinct data center products and robust demand for our Ryzen PC processors," AMD Chair and CEO Dr. Lisa Su said in the AMD Q3 2024 financial results. "Looking forward, we see significant growth opportunities across our data center, client and embedded businesses driven by the insatiable demand for more compute." [sic]

AMD's Data Center sector recorded a $3.5 billion revenue number, up 122 percent year-over-year. Part of this number comes from AMD's line of EPYC Series processors, which have seen an influx of demand from various clients. This number was able to offset the losses incurred by the company's gaming sector, which recorded a $462 million loss.

The stock market was not enthused with AMD's latest earnings. While AMD stock finished up $6.33 per share for Tuesday, October 29, it has since fallen by more than $10 per share in after-hours trading.

"For the fourth quarter of 2024, AMD expects revenue to be approximately $7.5 billion, plus or minus $300 million," reads the financial report. "At the mid-point of the revenue range, this represents year-over-year growth of approximately 22% and sequential growth of approximately 10%. Non-GAAP gross margin is expected to be approximately 54%."

Look for more information to come from the AMD Q3 2024 earnings call. Interested listeners can check that out live and on-demand on the Shacknews YouTube channel.

Ozzie Mejia

Senior Editor

Ozzie has been playing video games since picking up his first NES controller at age 5. He has been into games ever since, only briefly stepping away during his college years. But he was pulled back in after spending years in QA circles for both THQ and Activision, mostly spending time helping to push forward the Guitar Hero series at its peak. Ozzie has become a big fan of platformers, puzzle games, shooters, and RPGs, just to name a few genres, but he’s also a huge sucker for anything with a good, compelling narrative behind it. Because what are video games if you can't enjoy a good story with a fresh Cherry Coke?