Advanced Micro beats by $0.02, beats on revs; guides Q1 revs in-line
4:19 PM ET 1/31/23 | Briefing.com
Reports Q4 (Dec) earnings of $0.69 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.67; revenues rose 16.0% year/year to $5.6 bln vs the $5.52 bln S&P Capital IQ Consensus.Data Center segment revenue was $1.7 billion, up 42% year-over-year primarily driven by strong sales of EPYC server processors.Client segment revenue was $903 million, down 51% year-over-year due to reduced processor shipments resulting from a weak PC market and a significant inventory correction across the PC supply chain.Gaming segment revenue was $1.6 billion, down 7% year-over-year driven by lower gaming graphics sales partially offset by higher semi-custom product revenue.Embedded segment revenue was $1.4 billion, up 1,868% year-over-year primarily driven by the inclusion of Xilinx embedded revenue.Non-GAAP gross margin was 51% (in-line with prior forecasts), an increase of 1 percentage point year-over-year, primarily driven by a richer product mix with higher Embedded and Data Center segment revenue, partially offset by lower Client segment revenue.Co issues in-line guidance for Q1, sees Q1 revs of $5.0-5.6 bln vs. $5.51 bln S&P Capital IQ Consensus.Client and Gaming segments are expected to decline, partially offset by Embedded and Data Center segment growth. Co expects non-GAAP gross margin to be approximately 50%.
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