Advanced Micro Devices, Inc. Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q3 revenue: $5.8B, up 4% year-over-year and up 8% sequentially. Driven by record server CPU revenue and strong Ryzen processor sales.
  • Diluted EPS: $0.70, up from $0.67 a year ago.
  • Gross margin: 51%, up ~1 point year-over-year due to stronger client mix.

Segment Performance

Data Center
  • Revenue: $1.6B, flat year-over-year, up 21% sequentially.
  • Record server CPU revenue driven by strong 3rd and 4th Gen EPYC processor demand.
  • 4th Gen EPYC CPU revenue grew >50% sequentially and became the majority of EPYC revenue and units.
  • Cloud: Nearly 100 new AMD-powered instances launched. Strong double‑digit sequential growth despite mixed spending environment.
  • Enterprise: Sequential double‑digit revenue growth; increased customer testing and new wins across multiple industries.
  • MI300 GPU platform: Validation meeting/exceeding expectations; MI300A production shipments started and MI300X shipments begin within weeks.
  • Data Center GPU revenue expected to reach ~$400M in Q4 and exceed $2B in 2024 (making MI300 AMD’s fastest product to reach $1B run‑rate).
Client
  • Revenue: $1.5B, up 42% year-over-year, up 46% sequentially.

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Operator: Greetings, and welcome to the AMD Third 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. And it is now my pleasure to introduce to you Mitch Haws, Vice President, Investor Relations. Thank you, Mitch. You may begin. Mitch Haws: Thank you, John, and welcome to AMD's third quarter 2023 financial results conference call. By now, you should have had the opportunity to review a copy of our earnings press release and the accompanying slides. If you had not had the chance to review these materials, they can be found on the Investor Relations page of amd.com. We will refer primarily to non-GAAP financial measures during today's call, and the full non-GAAP to GAAP reconciliations are available in today's press release and slides posted on our website. 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 live call and will be replayed via webcast on our website. Before we begin, I would like to note that Forrest Norrod, Executive Vice President and General Manager, Data Center Business Solutions unit, will attend the UBS Technology Conference on Tuesday, November 28. AMD will host its Advancing AI Event on December 6, when AMD and its key ecosystem par

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