Advanced Micro Devices Q2 Profit Down

(RTTNews) - Advanced Micro Devices, Inc. (AMD) Tuesday reported second-quarter net income of $447 million or $0.27 per share, down from $710 million or $0.58 per share last year.

On an adjusted basis, earnings for the quarter were $1.71 billion or $1.05 per share, up from $778 million or $0.63 per share last year.

Revenues for the quarter surged 70% to $6.55 billion from $3.85 billion last year. The increase was driven by growth across all segments and the inclusion of Xilinx revenue.

Analysts polled by Thomson Reuters estimate earnings of $1.03 per share on revenues of $6.53 billion for the quarter.

"We delivered our eighth straight quarter of record revenue based on our strong execution and expanded product portfolio," said AMD Chair and CEO Dr. Lisa Su. "Each of our segments grew significantly year-over-year, led by higher sales of our data center and embedded products. We see continued growth in the back half of the year highlighted by our next generation 5nm product shipments and supported by our diversified business model."

For the third quarter, AMD expects revenue to be approximately $6.7 billion, plus or minus $200 million, an increase of approximately 55% year-over-year led by growth in the Data Center and Embedded segments. Analysts currently estimate revenues of $6.82 billion.

For the full year 2022, AMD continues to expect revenue to be approximately $26.3 billion, plus or minus $300 million, an increase of approximately 60% over 2021 led by growth in the Data Center and Embedded segments. Analysts currently estimate revenues of $26.18 billion for the year.