AMD’s second-quarter 2024 revenue was $5.835 billion, up 9% from a year earlier and modestly above market expectations of about $5.7 billion. Non-GAAP diluted earnings per share were $0.69 versus a cited consensus of $0.68. The more consequential result was operational: Data Center revenue more than doubled, AMD lifted its 2024 AI-chip forecast to at least $4.5 billion, and third-quarter guidance came in above the cited analyst average. Those gains were partly offset by steep declines in Gaming and Embedded.
AMD released the results on July 30, 2024. They are historical Q2 2024 results, not the company’s latest quarterly performance.
What AMD reported in Q2 2024
AMD’s official release and earnings materials show higher revenue, margins and profit than in Q2 2023. The table separates GAAP results from AMD’s non-GAAP, or adjusted, presentation.
| Metric | Q2 2024 | Q2 2023 | Year-over-year change |
|---|---|---|---|
| Revenue | $5.835 billion | $5.359 billion | +9% |
| GAAP gross margin | 49% | 46% | +3 percentage points |
| GAAP operating income | $269 million | $109 million | Higher |
| GAAP net income | $265 million | $27 million | Higher |
| GAAP diluted EPS | $0.16 | $0.02 | Higher |
| Non-GAAP gross margin | 53% | 50% | +3 percentage points |
| Non-GAAP operating income | $1.264 billion | $1.068 billion | +18% |
| Non-GAAP net income | $1.126 billion | $948 million | +19% |
| Non-GAAP diluted EPS | $0.69 | $0.58 | +19% |
AMD’s earnings release reports the GAAP figures, while its earnings presentation provides the detailed non-GAAP comparison. Q2 revenue was also about 7% above Q1 2024’s $5.473 billion.
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- The world’s fastest gaming processor, built on AMD ‘Zen5’ technology and Next Gen 3D V-Cache.
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- 96MB L3 cache with better thermal performance vs. previous gen and allowing higher clock speeds, up to 5.2GHz
- Drop-in ready for proven Socket AM5 infrastructure
- Cooler not included
How large was the beat?
The headline beat was real but narrow. Market estimates vary by provider and by whether a figure is GAAP or adjusted, so these comparisons should not be treated as a single universal consensus.
| Measure | AMD actual | Cited market estimate | Assessment |
|---|---|---|---|
| Revenue | Approximately $5.8 billion ($5.835 billion reported) | About $5.7 billion | Modest beat |
| Adjusted diluted EPS | $0.69 | $0.68 | Modest beat |
| Data Center revenue | Approximately $2.8 billion | Approximately $2.79 billion | Slightly above estimate |
The revenue comparison was reported by Shacknews, the EPS comparison by Investing.com, and the Data Center comparison by ThePrint. The $0.69 figure is non-GAAP EPS; it should not be compared directly with the $0.16 GAAP EPS.
Data Center supplied most of the growth
AMD’s four reporting segments produced sharply different results.
Rank #2
- AMD Ryzen 9 9950X3D Gaming and Content Creation Processor
- Max. Boost Clock : Up to 5.7 GHz; Base Clock: 4.3 GHz
- Form Factor: Desktops , Boxed Processor
- Architecture: Zen 5; Former Codename: Granite Ridge AM5
| Segment | Q2 2024 revenue | Year-over-year change | What AMD said drove the result |
|---|---|---|---|
| Data Center | $2.834 billion | +115% | Instinct MI300 accelerator shipments and EPYC server processors |
| Client | Approximately $1.5 billion | +49% | Higher Ryzen processor sales |
| Gaming | $648 million | -59% | Lower semi-custom revenue, including console chips |
| Embedded | $861 million | -41% | Customer inventory normalization and weaker embedded demand |
Data Center
Data Center revenue reached $2.834 billion, up 115% year over year and nearly half of company revenue. The increase reflected both the ramp of AMD Instinct MI300 GPUs and continued EPYC server CPU growth. This mix made enterprise and cloud infrastructure the company’s principal growth engine.
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Client revenue was approximately $1.5 billion, up 49% year over year and 9% sequentially. Ryzen demand signaled a meaningful recovery from the PC downturn and helped counter weakness elsewhere.
Gaming
Gaming revenue fell to $648 million, down 59% year over year and 30% sequentially. AMD attributed the decline primarily to lower semi-custom revenue, which includes the console-chip business; the result should not be described as a measure of PC graphics sales alone.
Rank #3
- Can deliver fast 100 plus FPS performance in the world's most popular games, discrete graphics card required
- 6 Cores and 12 processing threads, bundled with the AMD Wraith Stealth cooler
- 4.2 GHz Max Boost, unlocked for overclocking, 19 MB cache, DDR4-3200 support
- For the advanced Socket AM4 platform
Embedded
Embedded revenue was $861 million, down 41% year over year as customers continued to reduce inventory and demand remained weaker in embedded markets.
What the AI-chip forecast meant
AMD raised its forecast for 2024 data-center AI-product revenue to at least $4.5 billion, up from its prior $4 billion target. Management tied the increase to stronger-than-expected demand and the ramp of the MI300 family.
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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →The $4.5 billion is a company forecast for full-year accelerator revenue, not revenue already recorded in Q2. It is also narrower than the Data Center segment: the $2.834 billion segment total includes EPYC CPUs as well as Instinct GPUs. Therefore, it would be incorrect to label all Data Center revenue as AI-chip revenue.
Rank #4
- Processor provides dependable and fast execution of tasks with maximum efficiency.Graphics Frequency : 2200 MHZ.Number of CPU Cores : 8. Maximum Operating Temperature (Tjmax) : 89°C.
- Ryzen 7 product line processor for better usability and increased efficiency
- 5 nm process technology for reliable performance with maximum productivity
- Octa-core (8 Core) processor core allows multitasking with great reliability and fast processing speed
- 8 MB L2 plus 96 MB L3 cache memory provides excellent hit rate in short access time enabling improved system performance
AMD’s Q3 2024 outlook
On July 30, AMD guided for approximately $6.7 billion of Q3 revenue, with a plus-or-minus $300 million range, and non-GAAP gross margin of approximately 53.5%. At the midpoint, that implied roughly 16% year-over-year growth and 15% sequential growth. The cited analyst average was about $6.61 billion, putting AMD’s midpoint above that estimate.
This was guidance, not an achieved result. Actual revenue could have differed because of supply availability, customer deployment schedules, competition and export restrictions. AMD also said Q2 revenue was above the midpoint of its own prior guidance; that is a separate comparison from beating analyst consensus.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the quarter mattered beyond the beat
A more valuable growth mix
Non-GAAP gross margin rose to 53% from 50% a year earlier and 52% in Q1 2024. The improvement suggested that higher-value server and accelerator products were influencing AMD’s mix, not merely adding low-margin volume.
Best Value
- Pure gaming performance with smooth 100+ FPS in the world's most popular games
- 6 Cores and 12 processing threads, based on AMD "Zen 5" architecture
- 5.4 GHz Max Boost, unlocked for overclocking, 38 MB cache, DDR5-5600 support
- For the state-of-the-art Socket AM5 platform, can support PCIe 5.0 on select motherboards
- Cooler not included
Commercial evidence for MI300
MI300 shipments were becoming material enough for AMD to raise its full-year AI-chip forecast. That supported AMD’s case that it could participate in generative-AI infrastructure spending alongside its established EPYC and Ryzen franchises.
A less balanced portfolio
The same quarter showed the cost of that concentration. Data Center and Client supplied the growth while Gaming and Embedded contracted sharply. A slowdown in AI infrastructure investment or a delay in accelerator deployments could therefore have an outsized effect on AMD’s results.
Risks that remained
- Competition: Nvidia remained the dominant AI-accelerator supplier. AMD’s opportunity depended on performance, software support, customer qualification, supply and pricing, not demand alone.
- Deployment and supply timing: The $4.5 billion AI figure was forward-looking and depended on customers receiving and deploying accelerators as expected.
- Export controls: Restrictions affecting advanced chips could limit addressable markets or product configurations.
- Gaming weakness: Lower semi-custom sales could continue to weigh on the segment.
- Embedded correction: Customer inventory normalization had not yet run its course in the reported quarter.
- Investment needs: Operating expenses increased as AMD invested in AI and future products, so revenue growth did not eliminate execution and spending risks.
How investors should read the result
- Start with the quality of growth: Data Center and Client expanded while Gaming and Embedded shrank.
- Separate reported revenue from forecasts: $5.835 billion was Q2 actual revenue; $4.5 billion was a full-year AI-chip forecast; $6.7 billion was Q3 guidance.
- Use the correct earnings measure: $0.69 was adjusted EPS, while $0.16 was GAAP EPS.
- Check forward indicators: the higher AI forecast, above-consensus Q3 midpoint and 53.5% margin outlook provided more information than the small Q2 consensus beat alone.
- Keep the competitive claim bounded: the earnings report demonstrated growth in AMD’s accelerator business, but it did not establish parity with Nvidia or show that AMD shares were undervalued.
Primary documents are available in AMD’s SEC-filed release and on the AMD Investor Relations site.
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