Advanced Micro beats by $0.01, reports revs in-line; guides Q3 revs in-line
4:22 PM ET 8/1/23 | Briefing.com
Reports Q2 (Jun) earnings of $0.58 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.57; revenues fell 18.2% year/year to $5.36 bln vs the $5.32 bln FactSet Consensus.Co reports Q2 non-GAAP gross margin of 50%, in-line with prior guidance of approx 50%; and vs 54% last year.Data Center segment revenue was $1.3 billion, down 11% year-over-year primarily due to lower 3rd Gen EPYC processor sales as Enterprise demand was soft and Cloud inventory levels were elevated at some customers. Client segment revenue was $998 million, down 54% year-over-year due to reduced processor shipments resulting from a weaker PC market and a significant inventory correction across the PC supply chain. Gaming segment revenue was $1.6 billion, down 4% year-over-year. Semi-custom revenue grew year-over-year, which was more than offset by lower gaming graphics revenue. Revenue declined 10% sequentially primarily due to lower gaming graphics sales. Embedded segment revenue was $1.5 billion, up 16% year-over-year primarily driven by strength in the Industrial, Vision and Healthcare, Automotive and Test and Emulation markets. Co issues in-line guidance for Q3, sees Q3 revs of $5.40-6.00 bln vs. $5.82 bln FactSet Consensus. Co guides to Q3 non-GAAP gross margin of approx 51%.Q3 segment guidance: Co expects Data Center and Client segment revenues to each grow by a double-digit percentage sequentially driven by increasing demand for EPYC and Ryzen processors, partially offset by Gaming and Embedded segment declines.
AMD trading Nicely Higher Prior to their conference call on AI Hype. I'm okay with that! RtS
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