Advanced Micro Devices, Inc. (AMD) Reports In-Line Q1 EPS, Q2 Revenue Guidance Misses

Advanced Micro Devices, Inc. (NASDAQ: AMD) reported Q1 EPS of $0.18, in-line with the analyst estimate of $0.18. Revenue for the quarter came in at $1.79 billion versus the consensus estimate of $1.78 billion.

GUIDANCE:

Advanced Micro Devices, Inc. sees Q2 2020 revenue of $1.85 billion plus or minus $100 million, versus the consensus of $1.92 billion.

• AMD’s outlook statements are based on current expectations and contemplate the current COVID-19 environment, global economic backdrop and customer demand signals. The following statements are forward-looking, and actual results could differ materially depending on market conditions, COVID-19 factors and the factors set forth under “Cautionary Statement” below.
• For the second quarter of 2020, AMD expects revenue to be approximately $1.85 billion, plus or minus $100 million, an increase of approximately 21 percent year-over-year and 4 percent sequentially. The year-over-year increase is expected to be primarily driven by growth of Ryzen and EPYC processor sales. The sequential increase is expected to be primarily driven by EPYC processor and semi-custom sales. AMD expects non-GAAP gross margin to be approximately 44 percent in the second quarter of 2020. The sequential decrease is expected to be primarily due to the initial ramp of next-generation semi-custom products.
• Despite expectations of weaker COVID-19 related consumer demand in the second half of the year, AMD expects 2020 revenue to grow by approximately 25 percent, plus or minus 5 percentage points, compared to 2019 and non-GAAP gross margin to be approximately 45 percent.

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