TECH - AMD Stock Slips After In-Line Q4: Lisa Su Touts 'Exciting Time' For Chipmaker Driven By AI | Benzinga
Advanced Micro Devices, Inc. (NASDAQ:AMD) reported Tuesday after the market close with fourth-quarter results that came in line with expectations, with strong Data Center revenue helping to offset weakness in the Embedded and Gaming segments. The chipmaker guided its first-quarter revenue above the consensus. The stock fell in after-hours trading.
AMD’s Key Numbers: Santa Clara, California-based AMD reported fourth-quarter non-GAAP earnings per share of 77 cents per share on revenue of $6.17 billion.
Here’s how the results compare with the Street estimates and prior year results:
Q4’23 Actuals Q4’23 Consensus* Q4’23 Guidance Q4’22 Q3’23 Y-o-Y Change Q-o-Q Change
Revenue $6.17B $6.12B $6.1B +/- $300 M $5.6B $5.8B
Non-GAAP EPS 77 cents 77 cents N/A 69 cents 70 cents
Non-GAAP gross margin 51% N/A 55.1% 51% 51%
CEO Lisa Su lauded the company’s quarterly performance. “We finished 2023 strong, with sequential and year-over-year revenue and earnings growth driven by record quarterly AMD Instinct GPU and EPYC CPU sales and higher AMD Ryzen processor sales,” she said.
“Demand for our high-performance data center product portfolio continues to accelerate, positioning us well to deliver strong annual growth in what is an incredibly exciting time as AI re-shapes virtually every part of the computing market.”
AMD’s outperformance comes close on the heels of peer Peer Intel Corp.’s (NASDAQ:INTC) fourth-quarter results that sent the latter’s shares down by about 12%,