Semiconductors
AMD Q1 Earnings: GPU Revenue Outlook Raised to $4B
AMD reported an in-line quarter on both revenue and EPS, with data center revenue coming in just above $2.3 billion for 80% YoY growth and a slight 2% QoQ increase. Margins were stable, with management guiding for a slight 100 bp QoQ expansion in adjusted gross margin. Cash flows improved sequentially, with AMD posting strong double-digit QoQ growth in both operating and free cash flow. AMD’s GPU revenue forecast was boosted by ~14%, with management now seeing full year revenues at $4 billion, compared to its prior view for $3.5 billion plus. However, analyst expectations were largely pointing to $4 billion as the ‘minimum’ figure, with some looking for GPU revenue as high as $8 billion. The raise is welcomed with MI300 cumulative sales surpassing $1 billion since the launch in Q4, however, it’s not enough to meet a wide range of heightened expectations.
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