AMD第二季度营收同比增长32% 贸易政策限制导致8亿美元库存及相关费用

Core Insights - AMD reported Q2 2025 revenue of $7.685 billion, a 32% year-over-year increase, exceeding analyst expectations [1] - The company's gross margin for Q2 was 40%, with a net income of $872 million [1] - Non-GAAP gross margin was 43%, with operating income of $897 million and net income of $781 million [1] - Trade policies led to $800 million in inventory and related costs, impacting data center business [1] - Excluding these costs, the non-GAAP gross margin would be approximately 54% [1] Business Segment Performance - Data Center segment revenue was $3.2 billion, a 14% year-over-year increase, driven by demand for EPYC processors [2] - Client and Gaming segments generated $3.6 billion in revenue, a 69% year-over-year increase [2] - Client segment revenue was $2.5 billion, up 67%, attributed to the new "Zen 5" architecture [2] - Gaming segment revenue reached $1.1 billion, a 73% increase, due to growth in semi-custom business and demand for Radeon GPUs [2] - Embedded segment revenue was $824 million, a 4% year-over-year decline, due to fluctuating end-market demand [2]