Advanced Micro Devices, Inc. (AMD) reported significant financial growth for the third quarter and the first nine months of fiscal year 2024, ending September 28, 2024. The company achieved net revenue of $6,819 million for the three months, an 18% increase from $5,800 million in the same period of 2023. For the nine months, net revenue rose to $18,127 million, up from $16,512 million year-over-year.
Gross profit for the third quarter was $3,419 million, compared to $2,747 million in Q3 2023, resulting in a gross margin of 50%, an increase from 47% in the prior year. For the nine-month period, gross profit reached $8,843 million, up from $7,549 million. Operating income also saw a substantial rise, reaching $724 million in Q3 2024, compared to $224 million in Q3 2023, and $1,029 million for the nine months, up from $59 million.
Net income for the third quarter was $771 million, significantly higher than $299 million in Q3 2023. For the nine months, net income surged to $1,159 million from $187 million. Basic earnings per share for Q3 2024 were $0.48, compared to $0.18 in the same quarter of the previous year, while diluted earnings per share were $0.47, up from $0.18.
The Data Center segment was a key driver of revenue growth, with net revenue of $3,549 million in Q3 2024, a 122% increase from $1,598 million in Q3 2023. This growth was attributed to strong shipments of AMD Instinct™ GPUs and AMD EPYC™ CPUs. The Client segment also performed well, with revenue increasing by 29% to $1,900 million, driven by demand for “Zen 5” AMD Ryzen™ processors. However, the Gaming segment experienced a decline, with revenue dropping 69% to $462 million due to lower semi-custom revenue.
Strategically, AMD completed the acquisition of Silo AI on August 9, 2024, for $665 million, enhancing its AI capabilities. Additionally, the company announced an agreement to acquire ZT Systems for approximately $4.9 billion on August 17, 2024, expected to close in the first half of 2025.
As of September 28, 2024, AMD reported total current assets of $18,735 million, up from $16,768 million at the end of 2023. Total assets increased to $69,636 million, while stockholders' equity rose to $56,985 million. The company also returned $250 million to shareholders through stock repurchases in Q3 2024, with a total of $606 million for the nine months.
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