AMD reports profit in line with expectations, 1Q2020 revenue beats forecast; stock slides Author:

Advanced Micro Devices (NASDAQ: ) shares plunged 5.3% after the close on Tuesday after the chip manufacturing giant reported earnings per share (EPS) for the first fiscal quarter of 2024.

Specifically, the company reported earnings of $0.62 per share, in line with analysts' expectations. Revenue for the quarter reached $5.5 billion, slightly above the consensus estimate of $5.48 billion.

Non-GAAP gross profit margin increased by 2 percentage points year-on-year in the quarter to 52%.

Looking ahead, AMD expects second-quarter 2024 revenue to be between $5.4 billion and $6.0 billion, compared with the consensus forecast of $5.7 billion.

The company estimates the midpoint of the range reflects year-over-year growth of approximately 6% and sequential growth of approximately 4%.

AMD also expects non-GAAP gross profit margin for this quarter to be approximately 53%.

“We delivered strong first quarter results in both our data center and client segments, driven by growth in MI300 AI accelerator shipments and adoption of Ryzen and EPYC processors,” said AMD Chairman and CEO , the annual growth exceeds 80%” Dr. Lisa Su.

“This is an incredibly exciting time for the industry as widespread deployment of artificial intelligence is driving demand for more computing across a broad range of markets. We are expanding our data center business and building upon our product portfolio Very well executed in terms of enabling artificial intelligence capabilities.

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