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AMD reported $6.819 billion in revenue for the quarter ended September 28, 2024, up 18% year over year and 17% from the prior quarter. The October 29 announcement showed record quarterly revenue and higher profit, but growth was concentrated: Data Center and Client advanced while Gaming and Embedded declined.
What AMD reported for the quarter
AMD’s fiscal third quarter ended September 28, 2024; the company announced results on October 29. Revenue was $6.819 billion, compared with $5.800 billion a year earlier. AMD called it record quarterly revenue. The figures below are from AMD’s earnings release.
| Measure | Q3 2024 | Q3 2023 | Year-over-year change |
|---|---|---|---|
| Revenue | $6.819 billion | $5.800 billion | +18% |
| GAAP gross margin | 50% | 47% | +3 percentage points |
| GAAP operating income | $724 million | $224 million | +223% |
| GAAP net income | $771 million | $299 million | +158% |
| GAAP diluted EPS | $0.47 | $0.18 | — |
| Non-GAAP gross margin | 54% | 51% | +3 percentage points |
| Non-GAAP operating income | $1.715 billion | $1.276 billion | +34% |
| Non-GAAP net income | $1.504 billion | $1.135 billion | +33% |
| Non-GAAP diluted EPS | $0.92 | $0.70 | +31% |
GAAP figures follow generally accepted accounting principles. Non-GAAP figures are adjusted measures AMD presents alongside them; AMD says they should be viewed in addition to, not instead of or as superior to, GAAP results. The two EPS figures are not interchangeable: $0.47 was GAAP diluted EPS and $0.92 was non-GAAP diluted EPS.
Data Center supplied the largest growth engine
Data Center revenue reached $3.549 billion, up 122% year over year and 25% sequentially. That was about 52% of AMD’s total quarterly revenue, calculated from the company’s reported figures. Segment operating income was $1.041 billion, versus $306 million a year earlier.
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AMD attributed the increase to higher shipments of Instinct accelerators and stronger EPYC server-processor sales. EPYC CPUs serve conventional server workloads; Instinct GPUs are accelerators aimed at AI and high-performance computing. AMD’s ROCm software ecosystem supports its accelerator hardware, but the revenue figures alone do not establish parity with Nvidia in market share, installed base, software breadth, or overall AI business scale.
The company also highlighted its EPYC 9005 Series, announced the Instinct MI325X, described expanded cloud availability for MI300X, and discussed its planned acquisition of ZT Systems. Those product and corporate updates provide context, but AMD did not establish that the newly announced MI325X materially contributed to third-quarter revenue. Its 10-Q provides the company’s management discussion and financial detail.
Client revenue rose with Ryzen demand
Client revenue was $1.881 billion, up 29% year over year and 26% sequentially. AMD attributed the gain primarily to demand for Zen 5 Ryzen processors. In its 10-Q, the company reported that Ryzen desktop and mobile unit shipments rose 25% year over year and average selling prices rose 3%.
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AMD was ramping Ryzen 9000 processors based on Zen 5 and introduced Ryzen AI PRO 300 Series mobile processors for enterprise AI PCs. Management said next-generation Ryzen 9000 X3D processors were on track to launch in the fourth quarter of 2024; that was a forecast at the time, not evidence of subsequent sales or commercial success. The earnings presentation includes the product updates.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesGaming and Embedded declined
Gaming: lower semi-custom revenue weighed on the segment
Gaming revenue fell 69% year over year and 29% sequentially to $462 million. AMD said lower semi-custom revenue was the primary reason. Segment operating income dropped to $12 million from $208 million a year earlier.
AMD’s Gaming segment includes semi-custom console chips as well as PC graphics products, so its revenue decline should not be read as a direct measure of Radeon graphics-card sales alone. AMD noted that Sony launched the PS5 Pro with an updated AMD semi-custom system-on-chip during the quarter; that launch did not prevent the segment’s overall year-over-year decline.
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Embedded: sequential improvement did not erase the annual decline
Embedded revenue was $927 million, down 25% year over year. AMD attributed the decline to customers continuing to normalize inventories. Revenue did rise 8% from the prior quarter, a sign of sequential improvement rather than proof that the annual decline or inventory adjustment had ended. Segment operating income fell to $372 million from $612 million.
Why GAAP and non-GAAP profit differ
Both reported and adjusted profitability improved, with GAAP gross margin rising to 50% from 47%. AMD’s 10-Q says higher Data Center revenue was the primary driver of gross-margin improvement. Higher revenue and gross margin, along with lower amortization of acquisition-related intangible assets, also helped operating and net income; increased operating expenses partly offset those benefits.
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The difference between GAAP and non-GAAP results is material. AMD reported an “All Other” operating loss of $977 million, including $585 million of acquisition-related intangible amortization and $351 million of stock-based compensation expense. These expenses help explain why adjusted operating income and net income were higher than their GAAP counterparts. They remain relevant costs, which is why the two accounting views should be considered together.
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Cash, capital returns, and the outlook AMD gave then
At September 28, 2024, AMD reported $4.5 billion in cash, cash equivalents, and short-term investments. Operating cash flow for the quarter was $628 million, and the company repurchased $250 million of shares. International sales represented 72% of quarterly revenue.
For the fourth quarter of 2024, AMD guided to revenue of approximately $7.5 billion, plus or minus $300 million. At the midpoint, that implied roughly 22% year-over-year growth and 10% sequential growth. This was management’s October 2024 guidance, not an actual result. AMD also said it was on track to deliver record annual revenue in 2024, citing significant growth in Data Center and Client.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the results meant—and what they did not establish
The quarter showed a clear shift in the sources of AMD’s growth: Data Center was the largest engine, while Client was recovering with Ryzen demand. The 18% consolidated revenue increase was not broad-based, because Gaming and Embedded were both sharply lower year over year.
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For investors and business readers, the central trade-off was momentum against concentration. Strong accelerator and server demand helped lift revenue and margins, but the results did not by themselves prove that AI-related growth would persist, that AMD had matched Nvidia’s scale, or that the Embedded inventory correction was over. A historical release should also be read as a snapshot: it describes AMD’s fiscal third quarter of 2024, not its latest financial performance.
What to watch when evaluating AMD’s next results
- Whether Instinct accelerator shipments and cloud availability translate into sustained Data Center revenue and customer adoption.
- Whether EPYC processor sales continue to grow alongside accelerator demand.
- Whether Zen 5 demand supports continued Client growth, distinguishing AMD’s own performance from broader PC-market conditions.
- Whether semi-custom console revenue changes with the console cycle and how that affects Gaming.
- Whether Embedded inventory normalization gives way to durable demand recovery rather than only quarter-to-quarter stabilization.
- How GAAP earnings, adjusted earnings, and the costs excluded from non-GAAP measures move over time.
AMD’s financial-results archive provides its releases and filings. The company also filed an 8-K documenting the October 29, 2024 earnings release.
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