AMD: 1Q24 results in line with expectations, outlook disappointing

The company released 1Q24 results. Revenues were $5.47 billion (+2.2% y/y), beating estimates by $20 million. The lower year-on-year sales growth was negatively affected by the decline from the gaming segment (USD 922 million, -47.5% y/y) and the embedded processes segment (USD 846 million, -45.8% y/y). This suggests continued weak consumer and industrial demand. This was offset by strong growth in the personal electronics segment ($1.37 billion, +85% y/y) and the server chip segment ($2.34 billion, +80% y/y). The main drivers of sales from these segments were the new powerful MI300 GPU chips and Ryzen and EPYC processors. Earnings per share were $0.62 (+3.3% y/y), beating estimates by 1 cent. Gene. CEO Lisa Su expects 2Q revenue in the range of $5.4-6.0 billion, which would be in line with the estimate of $5.69 billion. AI chips MI300 should have revenue of around $4 billion in 2024, up from the original estimated at USD 3.5 billion. Overall, the outlook was lower than what the market expected, and this was reflected in the value of the stock, which fell by almost 9%.

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