Live Nasdaq Composite: Tech Stock Strength Buoys Market Sentiment Despite Hawkish Fed
Q2 24 EPS
$0.69
BEAT +1.47%
Est. $0.68
Q2 24 Revenue
$5.84B
BEAT +1.94%
Est. $5.72B
vs S&P Since Q2 24
+220.4%
BEATING MARKET
AMD +255.8% vs S&P +35.4%
Market Reaction
Did AMD Beat Earnings? Q2 2024 Results
Advanced Micro Devices delivered a broad beat in Q2 2024, with adjusted earnings of $0.69 per share edging past the $0.68 consensus estimate and revenue of $5.83 billion topping expectations by 1.94%, rising 8.9% year-over-year as the company's artif… Read more Advanced Micro Devices delivered a broad beat in Q2 2024, with adjusted earnings of $0.69 per share edging past the $0.68 consensus estimate and revenue of $5.83 billion topping expectations by 1.94%, rising 8.9% year-over-year as the company's artificial intelligence momentum shifted firmly into a higher gear. The central driver was a record $2.83 billion from the Data Center segment, up 115% year-over-year, powered by accelerating shipments of Instinct MI300X GPUs for AI workloads alongside strong EPYC CPU demand, with segment operating income vaulting to $743 million from just $147 million a year ago. AMD's shares rallied sharply on the results, reflecting investor confidence that the company is establishing itself as a credible competitor in the AI accelerator market. Management raised its full-year Instinct GPU revenue outlook and issued Q3 guidance of approximately $6.70 billion in revenue, implying roughly 16% year-over-year growth, with non-GAAP gross margin expanding to approximately 53.5%, signaling continued Data Center-led momentum into the second half of 2024.
Key Takeaways
- • Steep ramp of AMD Instinct GPU shipments driving record Data Center revenue
- • Strong growth in 4th Gen AMD EPYC CPU sales
- • Higher AMD Ryzen processor sales driving Client segment recovery
- • Higher Data Center revenue mix driving gross margin expansion
AMD YoY Financials
Q2 2024 vs Q2 2023, source: SEC Filings
AMD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered strong revenue and earnings growth in the second quarter driven by record Data Center segment revenue. Our AI business continued accelerating and we are well positioned to deliver strong revenue growth in the second half of the year led by demand for Instinct, EPYC and Ryzen processors. The rapid advances in generative AI are driving demand for more compute in every market, creating significant growth opportunities as we deliver leadership AI solutions across our business.”
— Lisa Su, Q2 2024 Earnings Press Release
AMD Earnings Trends
AMD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AMD EPS Trend
Earnings per share: estimate vs actual
AMD Revenue Trend
Quarterly revenue: estimate vs actual
AMD Quarterly Results
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.29 | $1.37 | +5.88% | $10.25B | +3.41% |
| Q4 25 BEAT FY | $1.32 | $1.53 | +15.98% | $10.27B | +6.20% |
| FY Full Year | — | $4.17 | — | $34.64B | — |
| Q3 25 BEAT | $1.17 | $1.20 | +2.37% | $9.25B | +5.66% |
| Q2 25 MISS | $0.48 | $0.48 | -0.54% | $7.69B | +3.43% |
| Q1 25 BEAT | $0.93 | $0.96 | +2.83% | $7.44B | +4.47% |
| Q4 24 BEAT FY | $1.09 | $1.09 | +0.36% | $7.66B | +1.76% |
| FY Full Year | — | $3.31 | — | $25.79B | — |
| Q3 24 BEAT | $0.91 | $0.92 | +1.10% | $6.82B | +1.64% |
| Q2 24 BEAT | $0.68 | $0.69 | +1.47% | $5.84B | +1.94% |