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## AMD Reports Strong Q2 2023 Results and AI legalese decoder‘s Role

### SANTA CLARA, Calif., Aug. 01, 2023 (GLOBE NEWSWIRE) — AMD (NASDAQ:AMD) announces strong financial performance in the second quarter of 2023, with revenues reaching $5.4 billion. The company achieved a gross margin of 46% and a net income of $27 million, resulting in diluted earnings per share of $0.02. On a non-GAAP(*) basis, AMD reached a gross margin of 50%, operating income of $1.1 billion, net income of $948 million, and diluted earnings per share of $0.58.

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### Executive Statements

Commenting on the impressive results, Dr. Lisa Su, Chair, and CEO of AMD, highlights the significant growth in the AI sector, with AI engagements increasing more than seven times during the quarter. This growth is a result of multiple customers initiating or expanding programs to support future deployments of Instinct accelerators at scale. Dr. Su also mentions the company’s progress in meeting hardware and software milestones to meet the increasing customer demand for data center AI solutions. Additionally, she expresses confidence in the upcoming launch and production ramp of MI300 accelerators in the fourth quarter, further solidifying AMD’s position in the market.

EVP, CFO, and Treasurer Jean Hu is pleased with AMD’s execution in the second quarter and provides insights into the company’s expectations for the third quarter. Hu anticipates double-digit percentage growth in both the Data Center and Client segments, driven by increasing demand for EPYC and Ryzen processors. However, she mentions that this growth will be partially offset by declines in the Gaming and Embedded segments.

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### GAAP Quarterly Financial Results

AMD reports revenue of $5,359 million for the second quarter of 2023, an 18% decline compared to the same period last year. Gross profit reaches $2,443 million, resulting in a gross margin of 46%. Operating expenses decrease by 1%, while operating income stands at a loss of $20 million. Net income reaches $27 million, with earnings per share at $0.02.

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### Non-GAAP(*) Quarterly Financial Results

On a non-GAAP(*) basis, AMD achieves revenue of $5,359 million, aligning with its GAAP results. Gross profit reaches $2,665 million, resulting in a gross margin of 50%. Operating expenses increase by 3%, while operating income decreases by 46% to $1,068 million. Net income also experiences a decline of 44%, reaching $948 million. Earnings per share stand at $0.58.

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## Quarterly Segment Summary

### Data Center Segment

AMD’s Data Center segment revenue in Q2 2023 is reported at $1.3 billion, reflecting an 11% decline compared to the previous year. This decrease is primarily attributed to lower sales of 3rd Gen EPYC processors, resulting from soft demand in the Enterprise sector and higher cloud inventory levels. However, revenue increases by 2% sequentially, driven by a significant ramp-up in sales of 4th Gen EPYC processors and increased Enterprise sales.

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### Client Segment

The Client segment reports revenue of $998 million, reflecting a significant decline of 54% compared to the previous year. This decline is mainly due to reduced processor shipments resulting from a weaker PC market and an inventory correction across the PC supply chain. However, AMD experiences a sequential increase of 35% in this segment as sales of Ryzen 7000 Series CPUs show significant growth, and overall PC market conditions improve.

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### Gaming Segment

In the Gaming segment, AMD reports revenue of $1.6 billion, representing a 4% decline compared to the previous year. Although semi-custom revenue experiences year-over-year growth, this is offset by lower gaming graphics revenue. Sequentially, the segment declines by 10% primarily due to decreased gaming graphics sales.

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### Embedded Segment

The Embedded segment reports revenue of $1.5 billion, reflecting a 16% year-over-year increase. This growth is primarily driven by the Industrial, Vision and Healthcare, Automotive, and Test and Emulation markets. However, the segment experiences a sequential decline of 7% primarily due to softness in the Communications market.

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