TMTB: AMD First take
AMD -2% Overall revs better but Datacenter missed (Gaming + Client better). GM and EPS in line
Q1 rev. $6.8B to $7.4B, est. $7.04B, midpoint of $7.1B slightly better than street/bogeys
Expectations were low but main story here is Datacenter and investors won’t like the weakness there despite Gaming/Client coming in above. Expects were pretty low however so not sure this changes much in bulls or bears minds. No mention of 2025 GPU forecasts.
AMD RESULTS: Q4
- ADJ EPS $1.09 vs. $0.77 y/y, EST $1.09
- Revenue $7.66B, +24% y/y, EST $7.54B
- Data center revenue $3.86B, +69% y/y, EST $4.09B
- Gaming revenue $563M, -59% y/y, EST $487.9M
- Client revenue $2.31B, +58% y/y, EST $1.99B
- Embedded revenue $923M, -13% y/y, EST $959.4M
- ADJ gross margin 54% vs. 51% y/y, EST 54%
- Capital expenditure $208M, +50% y/y, EST $148.8M
- ADJ operating income $2.03B, +43% y/y, EST $2.02B
- ADJ operating margin 26% vs. 23% y/y, EST 26.8%
- Free cash flow $1.09B vs. $242M y/y, EST $1.35B
- R&D expenses $1.71B, +13% y/y, EST $1.65B
