AI需求给力、顶住关税冲击 AMD营收及指引超预期两位数增长

Core Viewpoint - AMD's Q1 revenue exceeded expectations with strong growth, while Q2 revenue guidance shows a slowdown but remains above expectations, indicating sustained demand in the AI sector and less impact from trade policies than anticipated by Wall Street [1][8]. Financial Performance - Q1 revenue reached $7.438 billion, a 36% year-over-year increase, surpassing analyst expectations of $7.12 billion and up from a 24% increase in Q4 [6][8]. - Non-GAAP diluted EPS for Q1 was $0.96, a 55% year-over-year increase, exceeding the expected $0.94 and up from a 42% increase in Q4 [6][8]. - Non-GAAP gross margin for Q1 was 54%, consistent with Q4 and up from 52% year-over-year; operating income was $1.779 billion, a 57% increase year-over-year [6][8]. Segment Performance - Data Center revenue for Q1 was $3.7 billion, a 57% year-over-year increase, slightly above the expected $3.6 billion, but down from a 69% increase in Q4 [6][9]. - Client segment revenue reached $2.3 billion, a 68% year-over-year increase, exceeding the expected $2 billion and up from a 58% increase in Q4 [6][9]. - Gaming segment revenue was $647 million, a 30% year-over-year decline, while embedded revenue was $823 million, a 3% year-over-year decline [7]. Guidance and Outlook - Q2 revenue is expected to be between $7.4 billion, with a variance of $300 million, compared to analyst expectations of $7.24 billion [8]. - Non-GAAP gross margin for Q2 is projected at 43%, accounting for approximately $800 million in new export control costs; excluding this, the gross margin is expected to be around 54% [8].