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AMD Tops Forecasts - Guides Up on Revenue

July 29, 2020

AMD reported revenue for the second quarter of 2020 of $1.93 billion, operating income of $173 million, net income of $157 million and diluted earnings per share of $0.13. On a non-GAAP basis, operating income was $233 million, net income was $216 million and diluted earnings per share was $0.18.

Investors expected EPS of 16 cents per share, adjusted with revenue of $1.86 billion.

“We delivered strong second quarter results, led by record notebook and server processor sales as Ryzen and EPYC revenue more than doubled from a year ago,” said Dr. Lisa Su, AMD president and CEO. “Despite some macroeconomic uncertainty, we are raising our full-year revenue outlook as we enter our next phase of growth driven by the acceleration of our business in multiple markets.”

For the third quarter of 2020, AMD expects revenue to be approximately $2.55 billion, plus or minus $100 million, an increase of approximately 42 percent year-over-year and 32 percent sequentially. The year-over-year and sequential increases are expected to be primarily driven by Ryzen and EPYC processor sales and next generation semi-custom products. AMD expects non-GAAP gross margin to be approximately 44 percent in the third quarter of 2020. Gross margin is expected to increase year-over-year primarily driven by Ryzen and EPYC processor sales.

Wall Street was only expecting $2.32 billion in Q3 revenue.

AMD now expects 2020 revenue to grow by approximately 32 percent compared to 2019 driven by strength in PC, gaming and data center products. Non-GAAP gross margin is expected to be approximately 45 percent.

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