AMD reported record quarterly revenue of $7.658 billion for the fiscal quarter ended December 28, 2024, up 24% year over year and 12% from the prior quarter. The results were announced on February 4, 2025—not as AMD’s latest earnings report. Investors welcomed the growth but focused on a shortfall against Data Center revenue expectations and uneven performance across the rest of the business.
Historical note: AMD subsequently reported $34.6 billion in full-year 2025 revenue and $10.27 billion for the fourth quarter of 2025. See AMD’s later 2025 earnings release.
The key Q4 2024 numbers
AMD’s own results show a record quarter, but the accounting basis matters. GAAP figures follow standard accounting rules; non-GAAP figures exclude specified items such as amortization, stock-based compensation and other adjustments. They should not be mixed when assessing profitability.
| Metric | Q4 2024 GAAP | Q4 2023 GAAP | Change | Q4 2024 non-GAAP |
|---|---|---|---|---|
| Revenue | $7.658 billion | $6.168 billion | +24% | — |
| Gross profit | $3.882 billion | $2.911 billion | +33% | — |
| Gross margin | 51% | 47% | +4 percentage points | 54% |
| Operating income | $871 million | $342 million | +155% | $2.026 billion, +43% |
| Net income | $482 million | $667 million | -28% | $1.777 billion, +42% |
| Diluted EPS | $0.29 | $0.41 | -29% | $1.09, +42% |
The detailed figures are in AMD’s earnings release, its Form 8-K filing and the Q4 2024 earnings slides.
#1 Best Overall
- The world’s fastest gaming processor, built on AMD ‘Zen5’ technology and Next Gen 3D V-Cache.
- 8 cores and 16 threads, delivering +~16% IPC uplift and great power efficiency
- 96MB L3 cache with better thermal performance vs. previous gen and allowing higher clock speeds, up to 5.2GHz
- Drop-in ready for proven Socket AM5 infrastructure
- Cooler not included
The apparent contradiction—lower GAAP net income but higher non-GAAP net income—comes from the different adjustments in the two measures. AMD’s GAAP net income and GAAP EPS fell even as revenue, gross profit and operating income increased.
Data Center supplied the strategic growth
Data Center revenue was approximately $3.9 billion, up 69% year over year. AMD attributed the increase to higher shipments of Instinct data-center GPUs and continued sales of EPYC server processors. The segment therefore includes both AI accelerators and conventional server CPUs; Data Center revenue is not identical to AI-GPU revenue.
For full-year 2024, Data Center revenue reached approximately $12.6 billion, up 94%. AMD also said it generated more than $5 billion of Instinct accelerator revenue during 2024. That is AMD’s stated Instinct figure, not a measure of all AI-related revenue.
Rank #2
- AMD Ryzen 9 9950X3D Gaming and Content Creation Processor
- Max. Boost Clock : Up to 5.7 GHz; Base Clock: 4.3 GHz
- Form Factor: Desktops , Boxed Processor
- Architecture: Zen 5; Former Codename: Granite Ridge AM5
Growth was substantial, but contemporary market coverage reported Data Center revenue below an analyst expectation of roughly $4.09 billion. That gap mattered because investors were judging AMD not only on growth, but on how quickly it could expand its AI infrastructure business relative to Nvidia’s much larger position. The estimate comparison is reported by Techmeme’s February 4, 2025 earnings coverage, not by AMD.
The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Client revenue added a second major growth engine
The Client segment produced approximately $2.3 billion in Q4 revenue, a record for the segment and a 58% year-over-year increase. AMD attributed the performance primarily to Ryzen processor sales, including its Zen 5 generation.
Full-year Client revenue was approximately $7.1 billion, up 52%. These results show that the quarter’s expansion was not solely an AI story: PC processors were also a material contributor. The earnings materials do not, by themselves, establish that AMD had overtaken Intel in total CPU market share.
Rank #3
- Can deliver fast 100 plus FPS performance in the world's most popular games, discrete graphics card required
- 6 Cores and 12 processing threads, bundled with the AMD Wraith Stealth cooler
- 4.2 GHz Max Boost, unlocked for overclocking, 19 MB cache, DDR4-3200 support
- For the advanced Socket AM4 platform
Gaming and Embedded declined sharply
AMD’s growth was uneven across segments:
| Segment | Q4 2024 revenue | Year-over-year change | Full-year 2024 revenue | Full-year change |
|---|---|---|---|---|
| Data Center | Approximately $3.9 billion | +69% | Approximately $12.6 billion | +94% |
| Client | Approximately $2.3 billion | +58% | Approximately $7.1 billion | +52% |
| Gaming | $563 million | -59% | Approximately $2.6 billion | -58% |
| Embedded | $923 million | -13% | Approximately $3.6 billion | -33% |
Gaming includes semi-custom console-related products as well as graphics products, so the segment decline should not be treated as proof that every Radeon product or console relationship declined by the same percentage.
Embedded revenue also fell. The broader embedded-chip market was moving through an inventory normalization period after earlier inventory-heavy conditions, which provides context for the decline; AMD’s reported figures alone do not quantify how much of the change came from each customer or product category.
Why investors were disappointed by a record quarter
Record revenue and an expectations miss can coexist
At $7.658 billion, AMD’s revenue was a company record and materially above the prior year. “Record” compares the quarter with AMD’s own history. An “expectations miss” compares a result with forecasts. Those are different tests, so both descriptions can be accurate.
Rank #4
- Processor provides dependable and fast execution of tasks with maximum efficiency.Graphics Frequency : 2200 MHZ.Number of CPU Cores : 8. Maximum Operating Temperature (Tjmax) : 89°C.
- Ryzen 7 product line processor for better usability and increased efficiency
- 5 nm process technology for reliable performance with maximum productivity
- Octa-core (8 Core) processor core allows multitasking with great reliability and fast processing speed
- 8 MB L2 plus 96 MB L3 cache memory provides excellent hit rate in short access time enabling improved system performance
Data Center was the critical comparison
Because AI accelerators and server CPUs are central to AMD’s growth strategy, investors placed more weight on Data Center performance than on the consolidated revenue headline. A 69% increase was strong in absolute terms, but revenue below the roughly $4.09 billion analyst estimate suggested that the pace was not yet meeting the market’s very high bar.
Forward guidance was mixed
AMD guided to approximately $6.8 billion to $7.4 billion of revenue for Q1 2025 and approximately 54% non-GAAP gross margin. The midpoint implies a sequential decline from the seasonally strong fourth quarter, although the range was compared with an analyst consensus near $7.04 billion in contemporary coverage. The range was management’s forecast, not a guarantee, and the consensus figure was not AMD guidance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Full-year 2024 puts the quarter in perspective
AMD’s annual results provide a different picture from the Q4 GAAP net-income decline:
Best Value
- Pure gaming performance with smooth 100+ FPS in the world's most popular games
- 6 Cores and 12 processing threads, based on AMD "Zen 5" architecture
- 5.4 GHz Max Boost, unlocked for overclocking, 38 MB cache, DDR5-5600 support
- For the state-of-the-art Socket AM5 platform, can support PCIe 5.0 on select motherboards
- Cooler not included
| Metric | FY 2024 | FY 2023 | Change |
|---|---|---|---|
| Revenue | $25.785 billion | Not stated in the cited release table | +14% |
| GAAP gross margin | 49% | 46% | +3 percentage points |
| GAAP operating income | $1.9 billion | $401 million | Higher |
| GAAP net income | $1.641 billion | Not stated in the cited summary | +92% |
| GAAP diluted EPS | $1.00 | $0.53 | Higher |
| Non-GAAP net income | $5.420 billion | Not stated in the cited summary | +26% |
| Non-GAAP diluted EPS | $3.31 | Not stated in the cited summary | +25% |
The full-year revenue and profitability figures are reported in AMD’s February 4, 2025 release. The annual view shows that AMD’s overall 2024 earnings improved substantially even though Q4 GAAP net income was lower than a year earlier.
What the report said about AMD’s position
The release portrayed a company expanding rapidly in servers, AI accelerators and PCs while absorbing weakness in gaming and embedded products. The most defensible interpretation is not that AMD’s AI business was weak: Data Center grew sharply and Instinct accelerator revenue exceeded $5 billion for the year. Rather, AMD was growing into a market where investor expectations—and Nvidia’s scale—were exceptionally high.
Management’s comments about EPYC adoption, Instinct demand and continued AI investment were forward-looking projections. They describe AMD’s plans and expectations, not guaranteed future results.
Where this report fits today
This article concerns AMD’s fiscal Q4 2024, ended December 28, 2024, and announced February 4, 2025. It should not be cited as AMD’s current revenue run rate. AMD later reported $10.27 billion in Q4 2025 revenue and $34.6 billion for full-year 2025 in its 2025 Form 8-K filing.
Free tools Windows power users keep installed
One-click scans. No signup required.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
