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The financial results for AMD in the first quarter of 2024 were released, showing the company’s earnings.

Lisa Su, president and CEO of AMD, discussed the AMD EPYC processor during a keynote address at the 2019 CES in Las Vegas, Nevada, U.S., on January 9, 2019.

Steve Marcus | Reuters

AMD reported its first-quarter sales, slightly surpassing the Wall Street expectations and offering an in-line forecast for the ongoing quarter. Despite this, AMD shares experienced a 3% decline in extended trading.

Key highlights for the quarter ending in March included earnings per share of 62 cents (adjusted), exceeding the anticipated 61 cents, and revenue of $5.47 billion, slightly higher than the expected $5.46 billion.

Looking ahead, AMD anticipates sales of around $5.7 billion in the current quarter, aligning with Wall Street estimates of approximately $5.70 billion, signaling a potential 6% annual growth rate.

The company recorded a net income of $123 million or 7 cents per share, a significant improvement from the $139 million net loss or 9 cents per share reported during the same period last year. Revenue also exhibited a 2% year-over-year increase.

One of the standout performers for AMD was its Data Center segment, witnessing an impressive 80% year-over-year growth to $2.3 billion, driven by strong sales of its MI300 AI chip competing with Nvidia’s AI graphics processors.

AMD’s revenue from the client segment, primarily comprising processors for chips and PCs, surged to $1.4 billion, marking an 85% annual increase and indicating a rebound from the PC slump witnessed in the previous year.

Conversely, AMD’s embedded segment, which includes products obtained from the Xilinx acquisition in 2022, experienced a decline of 46% on an annual basis, amounting to $846 million.

The company acknowledged the challenges in its gaming segment, reporting a 48% annual decrease to $922 million due to lower chip sales for gaming consoles and PCs, including chips for Sony’s Playstation 5.

Stay tuned for updates as AMD officials are expected to provide further insights on the performance, particularly around MI300 sales, during an upcoming earnings call with analysts.

This story is developing. Please check back for updates.

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