Advanced Micro Devices, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Q2 2023 revenue was $5.4 billion, down 18% year-over-year and flat sequentially.
  • Non-GAAP EPS was $0.58, down from $1.05 a year ago due largely to lower Client segment performance.
  • Strength in Datacenter and Client sequential growth was offset by Gaming and Embedded declines.
  • AI engagements grew over 7x sequentially; strong interest in MI250 and upcoming MI300 accelerators.

Business Segment Highlights

Datacenter

  • Revenue: $1.3 billion, down 11% year-over-year, up 2% sequentially.
  • 4th Gen EPYC (Genoa) revenue nearly doubled sequentially; 30 new cloud instances launched in Q2.
  • Zen 4 portfolio expanded with Bergamo and Genoa-X; major deployments announced by AWS, Azure, Meta, and others.
  • EPYC adoption grew in enterprise with wins at Banco de Brasil, BNP Paribas, Petronas, Uber, and SAP.
  • AI: Strong progress on hardware (MI300A/X sampling) and software (ROCm improvements, partnerships with Hugging Face, MosaicML). Significant customer pull for MI300.
  • Datacenter operating income: $147 million (down from $472 million a year ago due to lower revenue and higher R&D).

Client

  • Revenue: $998 million, down 54% year-over-year but up 35% sequentially.
  • Strong momentum for Ryzen 7000 CPUs and new commercial offerings.

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Operator: Greetings, and welcome to the AMD Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce to you, Mitch Haws, Head of Investor Relations. Thank you, Mitch. You may begin. Mitch Haws: Thank you, and welcome to AMD's second quarter 2023 financial results conference call. By now, you should have had the opportunity to review a copy of our earnings press release and accompanying slideware. If you've not reviewed these documents, they can be found on the Investor Relations page of amd.com. We will refer primarily to non-GAAP financial measures during this call. The full non-GAAP to GAAP reconciliations are available in today's press release and slides posted on our Web site. Participants on today's conference call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Jean Hu, our Executive Vice President, Chief Financial Officer, and Treasurer. This is a livecom, and will be replayed via webcast on our Web site. Before we begin, I would like to note that Jean Hu will attend the Jefferies Semiconductor, IT Hardware and Communications Summit on Tuesday, August 29, and the Deutsche Bank Technology Conference on Thursday, August 31. Dr. Lisa Su will attend the Goldman Sachs 2023 Communacopia & Technology Conference on Tuesday, September 5. Our

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