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August 1, 2023. Advanced Micro Devices (AMD) reported a revenue decline of 18% in the second quarter of 2023, worse than analysts’ expectations. The chipmaker’s revenue came in at $5.36 billion, down from $6.57 billion in the same quarter last year.
The PC market, which is AMD’s largest market, continued to struggle in the second quarter. Shipments of personal computers fell 13.4% year-over-year, according to IDC. This was the seventh consecutive quarter of declining PC shipments.
AMD’s client segment, which includes sales from PC processors, saw revenue fall 54% in the second quarter. The company said that the weakness in the PC market was due to a number of factors, including rising inflation, the ongoing chip shortage, and the war in Ukraine.
AMD’s data center segment also saw revenue decline in the second quarter, falling 11% to $1.3 billion. The company said that the weakness in the data center market was due to a slowdown in cloud spending.
Despite the revenue decline, AMD’s earnings per share beat analysts’ expectations. The company earned 58 cents per share in the second quarter, compared to 57 cents per share expected by analysts.
AMD’s CEO, Lisa Su, said that the company is “seeing signs of improvement” in the PC market. She said that AMD is “well-positioned” to benefit from the recovery in the PC market.
Su also said that AMD is “seeing strong demand” for its products in the data center market. She said that AMD is “confident” in the long-term growth of the data center market.
Overall, AMD’s second-quarter results were disappointing. However, the company’s earnings per share beat expectations, and Su said that she is “confident” in the long-term growth of the company.
Analyst Take
AMD’s revenue decline was worse than expected, but the company’s earnings per share beat expectations. This suggests that AMD’s margins are holding up well, even in a weak market.
The PC market is expected to recover in the second half of 2023, and AMD is well-positioned to benefit from this recovery. The company is also seeing strong demand for its products in the data center market.
Overall, AMD’s second-quarter results were disappointing, but the company is still well-positioned for long-term growth.
