AMD(US:AMD) 美股IPO·2026-02-03 23:34Core Viewpoint - AMD's Q4 revenue growth remains above 30% year-over-year, with EPS growth slowing but exceeding analyst expectations by nearly 16% [1][3] Revenue and Earnings Performance - Q4 revenue reached $10.27 billion, a 34% year-over-year increase, slightly lower than the 36% growth in Q3 [6] - Adjusted EPS for Q4 was $1.53, a 40% year-over-year increase, surpassing analyst expectations of $1.32 by nearly 16% [7][8] - Operating profit for Q4 was $2.85 billion, a 41% year-over-year increase, exceeding analyst expectations of $2.47 billion by 15.4% [9] Business Segments - Data center revenue hit a record $5.4 billion in Q4, a 39% year-over-year increase, accelerating from 22% growth in Q3 [12] - Client and gaming business contributed approximately $3.9 billion in revenue, with a 37% year-over-year increase, slowing from 73% growth in Q3 [16] Guidance and Market Reaction - Q1 revenue guidance is set at $9.5 billion to $10.1 billion, with a midpoint of $9.8 billion, slightly above analyst consensus of $9.39 billion but below some optimistic forecasts exceeding $10 billion [3][5] - Following the earnings report, AMD's stock price fell, reflecting investor disappointment over the revenue guidance not meeting high expectations [3][5] Cost and Investment Considerations - AMD's adjusted gross margin guidance is approximately 55%, slightly above market expectations of 54.5% [5] - R&D expenses for Q4 were $2.33 billion, exceeding analyst expectations of $2.16 billion, indicating continued investment in next-generation CPU/GPU and AI platforms [9][10] Export Restrictions Impact - Sales of the MI308 chip in China amounted to approximately $390 million in Q4, with U.S. export restrictions expected to impact around $440 million in inventory and related costs by 2025 [17]