What Happened?
On Tuesday, February 4, 2025, AMD announced its financial results for the Q4 2024 quarter and 2024 fiscal year ending December 28, 2024. See its press release for the full details.
The Numbers
AMD had a strong quarter, with GAAP sequential quarter revenue up 12.3% and year-to-year up 24.2%. GAAP Diluted Earnings Per Share were down 38.3% and 29.3%, respectively, while the corresponding non-GAAP measures were both up at 42% and 18%.
AMD GAAP Quarterly Financial Results
| Q4 2024 | Q3 2024 | Q/Q | Q4 2023 | Y/Y | |
|---|---|---|---|---|---|
| Revenue ($B) | 7.658 | 6.819 | ↑ 12.3 % | 6.168 | ↑ 24.2 % |
| Gross Profit ($B) | 3.882 | 3.419 | ↑ 13.5 % | 2.911 | ↑ 33.4 % |
| Operating Expenses ($B) | 3.022 | 2.709 | ↑ 11.6 % | 2.575 | ↑ 17.4 % |
| Operating Income ($B) | 0.871 | 0.724 | ↑ 20.3 % | 0.342 | ↑ 154.7 % |
| Net Income ($B) | 0.482 | 0.771 | ↓ 37.5 % | 0.667 | ↓ 27.7 % |
| Diluted Earnings Per Share ($) | 0.29 | 0.47 | ↓ 38.3 % | 0.41 | ↓ 29.3 % |
Similarly, AMD had a good year, with GAAP annual revenue up 13.7%, GAAP Diluted Earnings Per Share up 88.7%, and non-GAAP earnings per share up 25%.
AMD GAAP Annual Financial Results
| FY 2024 | FY 2023 | Y/Y | |
|---|---|---|---|
| Revenue ($B) | 25.785 | 22.680 | ↑ 13.7 % |
| Gross Profit ($B) | 12.725 | 10.460 | ↑ 21.7 % |
| Operating Expenses ($B) | 10.873 | 10.093 | ↑ 7.7 % |
| Operating Income ($B) | 1.900 | 0.401 | ↑ 373.8 % |
| Net Income ($B) | 1.641 | 0.854 | ↑ 92.2 % |
| Diluted Earnings Per Share ($) | 1.00 | 0.53 | ↑ 88.7 % |
The Chart
The Quantum Angle
AMD has said little about quantum computing besides its 2021 patent, “Look Ahead Teleportation for Reliable Computation in Multi-SIMD Quantum Processor.” They also published a 2022 case study with Riverlane about using the AMD Zynq UltaScale+ RFSoC device to generate pulses for qubit control. The AMD Embedded segment builds and sells this product. Quarterly revenue for this segment was down 13% year-over-year, and annual revenue dropped 33%.
The AI Angle
Data Center segment revenue rose in the quarter and year because of Instinct™ GPU shipments and increases in EPYC™ CPU sales. This is the area where AMD competes with NVIDIA for cloud and data center AI GPU use. We’ll be watching if the DeepSeek news regarding significantly fewer processing resources holds up to scrutiny and then affects potential sales of AMD GPUs.
The Gaming segment revenue dropped significantly during the quarter and the year. AMD announced that it would merge this Segment into the Client segment. In future quarters, we’ll look at how the company is doing with its processors in the AI PC market.
Company Profile
Company: AMD
Year Founded: 1969
Headquarters: 2485 Augustine Drive, Santa Clara, California 95054, USA
AMD Company Description (Generated by Perplexity):
Advanced Micro Devices, Inc. (AMD) is a multinational semiconductor company that designs and develops central processing units (CPUs), graphics processing units (GPUs), and other computer hardware components. AMD is known for producing high-performance processors and graphics cards for personal computers, servers, and gaming consoles. The company has established itself as a major competitor in the semiconductor industry, challenging Intel’s dominance in the CPU market. AMD has experienced significant growth and success in recent years, particularly with its Ryzen processors and Radeon graphics cards. The company has also expanded its presence in the data center and high-performance computing markets.
Senior Leadership:
- Lisa Su, CEO
- Mark Papermaster, Executive Vice President and CTO
- Jean Hu, Executive Vice President, Chief Financial Officer, and Treasurer
- Phil Guido, Executive Vice President and Chief Commercial Officer
Disclaimers
Bob Sutor is a former employee of IBM and Infleqtion and holds equity positions or stock options in each company. He is a Non-Executive Director for Nu Quantum and Advisor to the venture capital firm Forma Prime.
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