AMD(US:AMD) Jing Ji Guan Cha Bao·2025-05-10 02:18Core Insights - AMD reported Q1 2025 earnings with revenue of $7.438 billion, a 36% year-over-year increase, exceeding expectations of $7.12 billion [2] - The company achieved a significant operating income of $806 million, a 2139% increase year-over-year, and a net profit of $709 million, up 476% year-over-year [2] - AMD's CEO Lisa Su indicated that the company has experienced four consecutive quarters of year-over-year growth and expects double-digit revenue growth for 2025 [2] Financial Performance - Q1 2025 revenue: $7.438 billion, up 36% YoY, down 3% QoQ [2] - Operating income: $806 million, up 2139% YoY [2] - Net profit: $709 million, up 476% YoY, and up 47% QoQ [2] - Non-GAAP gross margin: 54%, diluted EPS: $0.96 [2] Product Development - AMD began providing samples of the AI chip Instinct MI350 series to multiple customers in Q1 2025, with production expected to accelerate mid-year [2] - The MI350 series offers a 35x improvement in throughput and performance compared to the MI300X [2] - The MI400 series is on track for release next year [2] Regulatory Impact - The U.S. government has imposed export controls on the Instinct MI308X to China, similar to restrictions on NVIDIA's H20, impacting AMD's revenue by an estimated $800 million in Q2 2025 [3] - The export controls are projected to affect AMD's total revenue by $1.5 billion for the full year 2025 [3] - Q2 2025 revenue is expected to be around $7.4 billion, with a potential fluctuation of $300 million [3] - Non-GAAP gross margin for Q2 is anticipated to be 43%, with the export controls contributing to an estimated 11% impact on gross margin [3]