Q4 net profit rises over 3,000 per cent, but AMD sees after-hours plunge

AMD just reported Q4 2023 revenue of $6.2 billion, a gross margin of 47%, operating income of $342 million, and net income of $667 million, up a whopping 3,076% compared to $21 million in the same period a year earlier, and diluted earnings per share of $0.41. On a non-GAAP basis, gross margin was 51% on operating income of $1.4 billion and net income of $1.2 billion, or $0.77 per diluted share.

For the full year 2023, the company reported revenue of $22.7 billion, gross margin of 46%, operating income of $401 million, net income of $854 million and diluted earnings per share of $0.53. On a non-GAAP basis, gross margin was 50 percent, operating income was $4.9 billion, net income was $4.3 billion and diluted earnings per share were $2.65.

Dr Lisa Su, AMD's Chairman of the Board of Directors and Chief Executive Officer, said: "Thanks to record quarterly sales of AMD Instinct GPUs and EPYC CPUs, as well as increased sales of AMD Ryzen processors, we achieved sequential and year-over-year growth in both revenue and earnings, completing a strong 2023 calendar year. We finished 2023 on a strong note. Market demand for our high-performance datacentre portfolio continues to grow, positioning us well for strong year-over-year growth in this exciting era of artificial intelligence (AI) reshaping the computing market."

Jean Hu, executive vice president, chief financial officer and treasurer of AMD, said, "AMD performed well in 2023 in the face of a complex market environment. We achieved year-over-year revenue growth in our Data Centre and Embedded businesses and successfully launched the new AMD Instinct GPU family, setting the stage for our product shipment growth in 2024."