Tuesday, February 4th 2025
AMD Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results
AMD today announced financial results for the fourth quarter and full year of 2024. Fourth quarter revenue was a record $7.7 billion, gross margin was 51%, operating income was $871 million, net income was $482 million and diluted earnings per share was $0.29. On a non-GAAP basis, gross margin was 54%, operating income was a record $2.0 billion, net income was a record $1.8 billion and diluted earnings per share was $1.09.
For the full year 2024, AMD reported record revenue of $25.8 billion, gross margin of 49%, operating income of $1.9 billion, net income of $1.6 billion, and diluted earnings per share of $1.00. On a non-GAAP basis, gross margin was a record 53%, operating income was $6.1 billion, net income was $5.4 billion and diluted earnings per share was $3.31.
Segment Summary
Data Center segment revenue in the quarter was a record $3.9 billion, up 69% year-over-year primarily driven by the strong ramp of AMD Instinct GPU shipments and growth in AMD EPYC CPU sales.
AMD continues expanding its partnerships to deliver highly performant AI infrastructure at scale:
AMD expanded its broad consumer and commercial AI PC portfolio:
AMD's outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Cautionary Statement" below.
For the first quarter of 2025, AMD expects revenue to be approximately $7.1 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 30% and a sequential decline of approximately 7%. Non-GAAP gross margin is expected to be approximately 54%.
Details from slide deck follows.
Source:
AMD
For the full year 2024, AMD reported record revenue of $25.8 billion, gross margin of 49%, operating income of $1.9 billion, net income of $1.6 billion, and diluted earnings per share of $1.00. On a non-GAAP basis, gross margin was a record 53%, operating income was $6.1 billion, net income was $5.4 billion and diluted earnings per share was $3.31.
"2024 was a transformative year for AMD as we delivered record annual revenue and strong earnings growth," said AMD Chair and CEO Dr. Lisa Su. "Data Center segment annual revenue nearly doubled as EPYC processor adoption accelerated and we delivered more than $5 billion of AMD Instinct accelerator revenue. Looking into 2025, we see clear opportunities for continued growth based on the strength of our product portfolio and growing demand for high-performance and adaptive computing.""We closed 2024 with a strong fourth quarter, delivering record revenue up 24% year-over-year, and accelerated earnings expansion while investing aggressively in AI and innovation to position us for long-term growth and value creation," said AMD EVP, CFO and Treasurer Jean Hu.
Segment Summary
Data Center segment revenue in the quarter was a record $3.9 billion, up 69% year-over-year primarily driven by the strong ramp of AMD Instinct GPU shipments and growth in AMD EPYC CPU sales.
- For 2024, Data Center segment revenue was a record $12.6 billion, an increase of 94% compared to the prior year, driven by growth in both AMD Instinct and EPYC processors.
- For 2024, Client segment revenue was a record $7.1 billion, up 52% compared to the prior year, due to strong demand for AMD Ryzen processors in desktop and mobile.
- For 2024, Gaming segment revenue was $2.6 billion, down 58% compared to the prior year, primarily due to a decrease in semi-custom revenue.
- For 2024, Embedded segment revenue was $3.6 billion, down 33% from the prior year, primarily due to customers normalizing their inventory levels.
AMD continues expanding its partnerships to deliver highly performant AI infrastructure at scale:
- IBM announced plans to deploy AMD Instinct MI300X accelerators to power generative AI and HPC applications on IBM Cloud.
- Vultr and AMD announced a strategic collaboration to leverage AMD Instinct MI300X accelerators and AMD ROCm open software to power Vultr's cloud infrastructure for enterprise AI development and deployment.
- Aleph Alpha announced that it will leverage AMD Instinct MI300 Series accelerators and ROCm software to enable its tokenizer-free LLM architecture, a new approach to generative AI that aims to simplify the development of sovereign AI solutions for governments and enterprises.
- Fujitsu and AMD announced a strategic partnership to develop more sustainable computing infrastructure to accelerate open source AI.
- AMD expanded strategic investments to advance the AI ecosystem and solutions, including investments in LiquidAI, Vultr and Absci.
- AMD released ROCm 6.3 with numerous performance enhancements enabling faster inferencing on AMD Instinct accelerators as well as additional compiler tools and libraries.
- AMD shared an update on its 2025 plans for the ROCm software stack to enable easier adoption of and improved out of box support for both inferencing and training applications.
AMD expanded its broad consumer and commercial AI PC portfolio:
- New AMD Ryzen AI Max and Ryzen AI Max PRO Series processors deliver workstation-level performance and next-gen AI performance for gaming, content creation and complex AI-accelerated workloads.
- Expanded Ryzen AI 300 and Ryzen AI 300 PRO Series processors bring premium AI capabilities to mainstream and entry-level notebooks, as well as enhanced security, manageability and support for Microsoft Copilot+ experiences tailored for business users.
- Additional Ryzen 200 and Ryzen 200 PRO Series processors offer incredible AI experiences, performance and battery life for everyday users and professionals.
- More than 150 Ryzen AI platforms are expected to be available from leading OEMs this year.
- The El Capitan supercomputer at Lawrence Livermore National Laboratory became the second AMD supercomputer to surpass the exascale barrier, placing #1 on the latest Top500 list.
- The Hunter supercomputer at the High-Performance Computing Center of the University of Stuttgart (HLRS), powered by AMD Instinct MI300A APUs, began service, delivering HPC and AI resources for scientists, researchers, industry and the public sector.
- AMD EPYC processors and AMD Instinct accelerators power many new supercomputing projects and AI deployments, including the Eni HPC 6 system, the University of Paderborn's latest supercomputer and the Sigma2 AS system which is slated to be the fastest system in Norway.
- At CES 2025, AMD announced new AMD Ryzen 9000X3D, Ryzen Z2 and Ryzen 9000HX processors, extending its leadership in desktop, mobile and handheld gaming.
- AMD shared the latest version of AMD Software: Adrenalin Edition, 24.9.1, continuing to enhance gaming experiences with AMD Fluid Motion Frames 2 and AMD HYPR-RX.
- New AMD Versal Gen 2 portfolio with next-generation interface and memory technologies for data-intensive applications in the data center, communications, test and measurement and aerospace and defense markets.
- AMD Versal RF Series adaptive SoCs, combining high-resolution radio frequency data converters, dedicated DSP hard IP, AI engines and programmable logic in a single chip.
- Vodafone and AMD announced they are collaborating on mobile base station silicon chip designs to enable higher-capacity AI and digital services.
AMD's outlook statements are based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under "Cautionary Statement" below.
For the first quarter of 2025, AMD expects revenue to be approximately $7.1 billion, plus or minus $300 million. At the mid-point of the revenue range, this represents year-over-year growth of approximately 30% and a sequential decline of approximately 7%. Non-GAAP gross margin is expected to be approximately 54%.
Details from slide deck follows.
36 Comments on AMD Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results
And still, people ask for Dr. Su to resign. Preposterous.
And they will ignore the 53% margin because their friend AMD isn’t greedy.
Full fiscal year: $7B in revenue, but only $897M in profit. What does that tell you? So the operating profit margin for the Client segment is around 12.7%, slightly higher than 10%.
When product prices plummet, it’s not the retailers or AIBs taking the hit—it’s AMD, Banking discounts to liquidate inventory.
I have no doubt that Nvidia enjoys significantly higher margins, as even subpar products like the 4060 Ti manage to retain their price across most markets. It's all about brainwashing > performance.
Depending on what happens with this trade tariffs stuff...might be some rocky investing for the next 1-2 years....
AMD Instinct sales were twice that of gaming.
That all proves AMD doesn’t care about gamers anymore.
Did I do it right?
Someone else pointed out AMD has a client & gaming revenue of 20% or less, no rationality in arguing who is greedy. I'm just so tired of the mindshare crapping up every AMD related thread.
This makes margins harder to figure out, they do post these numbers for "graphics", which appears to be professional visualization and automotive mixed together with the gaming division. That comes out to 43% margin, who known how much of that is GPUs. I'd think there's a reason those are all mixed together.
s201.q4cdn.com/141608511/files/doc_financials/2024/ar/NVIDIA-2024-Annual-Report.pdf
It also shows their compute division hitting 67.5% margins, compared to AMD's 27.6%. That's despite AMD's revenue increasing 94% and EPYC being a very in demand product. And we know those MI300 accelerators are not sitting on shelves overstocked, that would point to AMD having some severe cost overruns that nvidia doesnt have.Nope. It's not brainwashing, or mindshare, or the hidden soviet agent in your closet. It's always been about having a competitive product. The last time AMD was truly competitive with nvidia across the board was the HD 7970.....in 2012. Arguably in 2014 the hawaii chips were also very competitive.
Since then, it has been rebrands, rehashes, half generations, and slow, hot products. The 300 sereis was rebrand central and the less efficient GCN started looking real bad against maxwell (and my personal theory, pissed of evergreen owners from the old days were not happy with AMD leaving their GPUs half unusable around the same time, and jumped to team green, resulting in maxwell's incredible performance). Polaris left a huge market open with 0 competition and more crucially provided no true upgrade path for 290x owners or 7000 series owners who didnt think the 290x at $300 was a good enough value. The vega 64 was late to market, hot, slow, and MORE expensive then the 1080. Total facepalm. The fury x was an absolute joke. The 5000 series was not feature competitive (no RT, no mesh shaders) and again left the high end empty. rDNA2 was a huge step in the right direction, but it got kneecapped by covid production restrictions and EPYC's success. rDNA3 failed to follow up on rDNA2's improvements, and AMD started playing pricing games to push people up market, while leaving crucial markets like the 7800xt with just....nothing, and the 7600 market with really 0 actual improvement over the more avilable 6600 series.
None of this is nVidias fault. AMD has been pursuing the "premium brand" (lisa's description) label but without the premium features, and aftera decade+ of this type of behavior many in the AMD community are tired of the "just wait (tm)" meme, so they go to team green. If I want a 6800xt replacement, the 7900xtx was good but not fast enough for the $$$, and now the 9000 series will have nothing to offer me, so I get to either wait another 2 years and hope AMD bothers to try with uDNA, or go nvidia.
So AMD gaming does mean PS5, Xbox series consoles - And in all likelyness the Lenovo Go, Rog ally and Steamdeck.
Meaning, I really don't think they're generating real revenue with Radeon graphics and seeing the marketshare numbers from etailers and such is at this trend going to hit 1% in many markets..
I understand why, when they're just providing worse value...
www.amd.com/content/dam/amd/en/documents/instinct-business-docs/white-papers/amd-cdna-white-paper.pdf
"AMD RDNA™ is optimized for gaming to maximize frames per second and AMD CDNA is optimized for computing to push the limits of flops per second." So with UDNA, is this going to be stuck in the middle or lean one way or the other? Whatever the outcome as AMD themselves said it, it won't be optimized for frames per second. AMD thought it was a great idea to split them up. Now, it's a great idea to combine them. Maybe someone can explain if it's better to game on CDNA architecture.
I personally find it entertaining lol
F.Y.I. You also have proven how short sighted and naive you are. Carry on.