AMD beat Wall Street forecasts in its third-quarter report
AMD reported third-quarter results on Nov. 3 that beat Wall Street expectations, as data center revenue surged 97% year over year to $8.55 billion, accounting for 64% of sales. Total revenue rose 45% to $13.4 billion, and non-GAAP earnings were $2.09 a share, above the $1.94 estimate. AMD forecast fourth-quarter revenue of about $17 billion, plus or minus 3%.
More context
AMD’s third-quarter report topped Wall Street forecasts, with data center revenue almost doubling year over year. Revenue advanced 45% year over year, reaching about $13.4 billion, while non-GAAP EPS of $2.09 topped the $1.94 analyst forecast. Data Center revenue climbed 97% to $8.55 billion, accounting for 64% of sales, compared with 47% a year earlier. Growth reflected increased demand for server processors and AI computing infrastructure. For the fourth quarter, AMD forecast revenue of about $17 billion, plus or minus 3%, above the $16.2 billion analyst estimate cited by CNBC. The company expects a gross margin of about 55%. AMD shares rose in extended trading after the results.
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Verifier’s note
beinsure.com, Quartz, Investing.com, and CNBC each report AMD’s Q3 earnings beat and roughly 97% growth in data-center revenue. The Globe and Mail result previews the earnings rather than reporting the event.