TECH - AMD Investors Pull Back After Modest Q1 Beat CEO Touts AI Chip Ramp-Up | Benzinga
Chipmaker Advanced Micro Devices, Inc. (NASDAQ:AMD) reported Tuesday after the close with first-quarter results that came in slightly ahead of expectations thanks to record data center revenue. The stock retreated in after-hours trading, likely due to second-quarter revenue guidance that fell short of consensus estimates on the low end.
AMD’s Key Q1 Metrics: Santa Clara, California-based AMD’s first-quarter earnings and sales rose modestly year-over-year, although both metrics fell from the previous quarter.
Here’re how the main metrics compared to expectations:
Q1’24 Actual Q1’24 Consensus* Q1’24 Guidance Y-o-Y Change Q-o-Q Change
Revenue $5.47B $5.46B $5.4B
+/- $300 M+2% -11%
Non-GAAP EPS 62 cents 61 cents N/A +4% -19%
Non-GAAP gross margin 52 N/A 52% +2 points +1 point
Rival Intel reported last week with a slight miss on first-quarter revenue and below-consensus guidance for the second quarter. Intel stock slumped over 9% in reaction to earnings.
“We delivered strong first quarter results with our Data Center and Client segments each growing more than 80% year-over-year driven by the ramp ...