AMD reported second quarter 2024 earnings with total revenue of $5.835 billion, up 9% compared to the same quarter last year, and a net profit of $265 million according to GAAP accounting standards.
The Data Center business group saw significant growth, achieving a new revenue milestone of $2.834 billion, an increase of 115% driven by strong demand for the Instinct GPUs and 4th Gen EPYC CPUs. The Client group also saw a 49% increase to $1.492 billion, while the Gaming group experienced a 59% decrease to $648 million, and the Embedded group revenue decreased by 41% to $861 million.
Dr. Lisa Su, CEO of AMD, stated in the earnings call that chip sales related to AI exceeded expectations, leading the company to raise its GPU sales forecast for the Data Center to $4.5 billion from $4 billion.
Source: AMD and CNBC
TLDR: AMD’s Q2 2024 earnings show growth in revenue and profit, led by strong performance in the Data Center business group and higher-than-expected sales in AI-related chips. CEO Dr. Lisa Su has raised the company’s GPU sales forecast for the year.
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