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Advanced Micro Devices (AMD) reported Q1 2024 earnings with an adjusted EPS of $0.62, surpassing the expected $0.61, and revenue of $5.5 billion, exceeding forecasts of $5.45 billion. The company's data center revenue saw a significant 80% year-over-year increase, contributing to the overall performance. Despite these results, AMD's stock declined approximately 7% in after-hours trading following the announcement. The company also raised its 2024 sales forecast for its AI data center chip, the MI300, from $3.5 billion to $4 billion, and anticipates Q2 revenue between $5.4 billion and $6 billion. Super Micro Computer (SMCI) reported an EPS of $6.65 against expectations of $5.95, but missed on revenue with $3.85 billion compared to the anticipated $4.10 billion. SMCI also raised its FY24 revenue guidance to $14.7 billion to $15.1 billion and expects Q4 EPS to be between $7.62 and $8.42.
$AMD CEO Lisa Su just said AMD increased its estimates for sales of its AI data center chip the MI300 “We now expect data center GPU revenue to exceed $4 billion in 2024, up from the $3.5 billion we guided in January”
$AMD down ~7% in AH. AMD raised the forecast for its AI accelerator sales to $4B (from $3.5B) and it seems investors are disappointed. $INTC: $500M this year in Gaudi sales $AMD: $4B for MI300X $NVDA will likely do $40B in AI accelerator sales this year.
$AMD raises its 2024 data center GPU sales guide to $4B+ from $3.5B+ on its call. Stock is down 7.5% AH (markets were looking for a bigger guidance hike).