---
title: "AMD first take: The company's quarterly results were decent, but failed to provide guidance exceedin"
description: "AMD first take: The company's quarterly results were decent, but failed to provide guidance exceeding expectations.AMD saw growth in both revenue and gross margin this quarter, primarily driven by rec"
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/24875978.md"
published_at: "2024-10-30T00:45:42.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# AMD first take: The company's quarterly results were decent, but failed to provide guidance exceedin

**AMD first take: The company's quarterly results were decent, but failed to provide guidance exceeding expectations.**

AMD saw growth in both revenue and gross margin this quarter, primarily driven by recovery in its Data Center and Client businesses. Operating expenses remained relatively stable, with R&D and SG&A costs holding steady. The company's core operating profit rebounded to over $1 billion, indicating overall performance has emerged from its trough.

Breaking down the two core businesses: **1) Client business:** Revenue reached 18.81 billion yuan, up 29.5%. Given single-digit growth in the PC industry, Dolphin Research believes AMD further squeezed Intel's market share this quarter; **2) Data Center business:** Hit a new record of 35.5 billion yuan, mainly fueled by strong sales of Instinct GPUs and EPYC CPUs, **suggesting core cloud providers maintained high capital expenditures this quarter**.

Despite decent revenue and profit figures, the company's guidance fell short of expectations. For Q4 2024, AMD projects revenue of $7.2-7.8 billion (vs. market consensus of $7.55 billion) and non-GAAP gross margin around 54% (vs. market expectation of 54.21%). **Both metrics largely matched market expectations, dampening confidence in the company and the AI supply chain to some extent**. For details on business performance and AI outlook, refer to the company's earnings call commentary.

### Related Stocks

- [INTC.US - Intel](https://longbridge.com/en/quote/INTC.US.md)
- [04335.HK - INTEL-T](https://longbridge.com/en/quote/04335.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.