SANTA CLARA, Calif., Oct. 31, 2023 (GLOBE NEWSWIRE) -- AMD (NASDAQ:AMD) today announced revenue for the third quarter of 2023 of $5.8 billion, gross margin of 47%, operating income of $224 million, net income of $299 million and diluted earnings per share of $0.18. On a non-GAAP(*) basis, gross margin was 51%, operating income was $1.3 billion, net income was $1.1 billion and diluted earnings per share was $0.70.
“We delivered strong revenue and earnings growth driven by demand for our Ryzen 7000 series PC processors and record server processor sales,” said AMD Chair and CEO Dr. Lisa Su. “Our data center business is on a significant growth trajectory based on the strength of our EPYC CPU portfolio and the ramp of Instinct MI300 accelerator shipments to support multiple deployments with hyperscale, enterprise and AI customers.”
“We executed well in the third quarter, delivering year-over-year growth in revenue, gross margin and earnings per share,” said AMD EVP, CFO and Treasurer Jean Hu. “In the fourth quarter, we expect to see strong growth in Data Center and continued momentum in Client, partially offset by lower sales in the Gaming segment and additional softening of demand in the embedded markets.”
GAAP Quarterly Financial Results
| Q3 2023 | Q3 2022 | Y/Y | Q2 2023 | Q/Q | |
| Revenue ($M) | $5,800 | $5,565 | Up 4% | $5,359 | Up 8% |
| Gross profit ($M) | $2,747 | $2,354 | Up 17% | $2,443 | Up 12% |
| Gross margin | 47% | 42% | Up 5 ppts | 46% | Up 1 ppt |
| Operating expenses ($M) | $2,533 | $2,426 | Up 4% | $2,471 | Up 3% |
| Operating income (loss) ($M) | $224 | $(64) | Up 450% | $(20) | Up 1,220% |
| Operating margin | 4% | (1%) | Up 5 ppts | 0% | Up 4 ppts |
| Net income ($M) | $299 | $66 | Up 353% | $27 | Up 1,007% |
| Diluted earnings per share | $0.18 | $0.04 | Up 350% | $0.02 | Up 800% |
Non-GAAP(*) Quarterly Financial Results
