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无惧Q2财报遇冷拖累股价 华尔街大行仍看好AMD(AMD.US)增长前景
智通财经网· 2025-08-06 13:30
Core Viewpoint - AMD's second-quarter earnings fell short of expectations, leading to a nearly 5% drop in pre-market trading, despite a year-over-year revenue increase of 32% to $7.7 billion, surpassing analyst expectations of $7.43 billion [1] Financial Performance - AMD reported second-quarter revenue of $7.685 billion, a 32% year-over-year increase and a 3% quarter-over-quarter increase, exceeding market expectations by $270 million [2] - Adjusted earnings per share were $0.48, slightly below the Wall Street expectation of $0.49 [1] - The data center business revenue grew 14% to $3.2 billion, slightly below the market expectation of $3.25 billion [1] Analyst Ratings and Price Targets - Benchmark reiterated a "Buy" rating for AMD, raising the target price from $170 to $210, citing strong second-quarter results and encouraging third-quarter guidance of $8.7 billion in revenue, which is a 28% year-over-year increase [2] - KeyBanc maintained a "Hold" rating, noting strong revenue driven by server and gaming businesses, with expectations of double-digit growth in server CPUs [3] - Oppenheimer kept a "Market Perform" rating, acknowledging AMD's performance and outlook but remaining cautious until a clearer path to sustained outperformance is established [3] - Mizuho raised its target price for AMD from $175 to $183 [4] Growth Drivers - AMD's revenue growth was attributed to increased market share in EPYC server CPUs and Ryzen client CPUs, tight supply of Radeon desktop GPUs, and rising shipments of semi-custom gaming consoles [2] - The third-quarter growth is expected to be driven by strong double-digit growth in the data center segment, particularly with the production ramp-up of MI350 [3]
AMD:“拿捏”了英特尔,还要给英伟达“上强度”?
3 6 Ke· 2025-05-07 03:51
Overall Performance - AMD reported Q1 2025 revenue of $7.44 billion, a year-over-year increase of 35.9%, exceeding market expectations of $7.1 billion. The growth was primarily driven by the data center and client segments [1][7][4] - The company achieved a net profit of $710 million, with a core operating profit of $1.12 billion, reflecting a 170% year-over-year increase. The core operating margin was 15.1% [1][14][16] Revenue Breakdown - Client segment revenue reached $2.29 billion, up 67.7% year-over-year, significantly outperforming the global PC market's 5% growth. AMD's market share in the PC segment continues to rise [1][26][28] - Data center revenue was $3.67 billion, a 57.2% increase year-over-year, driven by increased shipments of AMD's CPU and GPU products. The company’s CPU market share has grown from around 10% to over 20% [1][20][30] - The gaming segment saw revenue decline to $650 million, down 29.8% year-over-year, primarily due to a drop in semi-custom product sales [33] - Embedded business revenue was $820 million, a slight decrease of 2.7% year-over-year, but signs of recovery are expected in the second half of 2025 [36] Guidance and Future Outlook - For Q2 2025, AMD expects revenue between $7.1 billion and $7.7 billion, which includes a $700 million impact from export restrictions on the MI308 product [2][4] - The company anticipates a non-GAAP gross margin of around 43%, which could improve to approximately 54% if the impact of sales license restrictions is excluded [3][4] - AMD's upcoming MI350 and MI400 products are highly anticipated, with expectations for increased performance in the AI GPU market, which could enhance competitive positioning against NVIDIA [20][25][5] Cost Structure - Operating expenses for Q1 2025 were $2.61 billion, a 22% increase year-over-year, with R&D expenses at $1.73 billion, up 13.3% [11][12] - The sales and administrative expenses rose to $890 million, reflecting a 42.9% increase, closely aligned with revenue growth [12][11] Market Position - AMD's CPU market share continues to grow, with significant gains in both the desktop and server markets, while the company faces challenges in the GPU segment where NVIDIA remains dominant [30][23] - The overall capital expenditure from major cloud providers reached $78.3 billion, indicating strong demand in the data center market, although AMD has yet to capture a larger share [23][25]
AMD:“拿捏”了英特尔,还要给英伟达“上强度”?
海豚投研· 2025-05-07 03:12
Overall Performance - AMD reported Q1 2025 revenue of $7.44 billion, a year-over-year increase of 35.9%, exceeding market expectations of $7.1 billion. The growth was primarily driven by the client and data center businesses [1][14] - The company achieved a net profit of $710 million, with a core operating profit of $1.12 billion, reflecting a 170% year-over-year increase [1][23] - Gross profit reached $3.74 billion, up 45.9% year-over-year, with a gross margin of 50.2%, slightly below market expectations of 52.2% [1][16] Business Segments Client Business - The client business revenue grew to $2.29 billion, a 67.7% year-over-year increase, significantly outperforming the global PC market, which saw a 5% increase in shipments [2][35] - AMD's market share in the desktop segment has surpassed Intel, contributing to the strong growth in the client business [7][40] Data Center Business - Data center revenue reached $3.67 billion, a 57.2% year-over-year increase, driven by sales of AMD Instinct GPUs and EPYC CPUs [2][28] - AMD's CPU market share in the data center has increased from around 10% to over 20%, although GPU sales have seen a slight decline due to anticipation of new product launches [7][29] Future Guidance - For Q2 2025, AMD expects revenue between $7.1 billion and $7.7 billion, which includes a $700 million impact from export restrictions on the MI308 product [3][6] - The company anticipates a non-GAAP gross margin of approximately 43%, which could improve to around 54% if the impact of sales license restrictions is excluded [4][6] Market Dynamics - The overall cloud market capital expenditure from major cloud providers reached $78.3 billion, a 64.4% year-over-year increase, indicating strong demand but also highlighting AMD's need to capture more market share [32] - AMD's gaming business saw a revenue decline of 29.8% year-over-year, attributed to reduced sales of semi-custom products despite growth in Radeon graphics card sales [41] Long-term Outlook - AMD is gradually establishing a competitive advantage in the CPU market, continuously gaining market share from Intel, which is expected to contribute positively to future earnings [9] - The company is focusing on AI GPU products, with significant expectations for the upcoming MI350 and MI400 series, which could enhance its competitive position against NVIDIA [9][34]
三星代工,再失大客户?
半导体芯闻· 2025-05-06 11:08
Core Viewpoint - AMD has reportedly abandoned its 4nm orders with Samsung Foundry, likely shifting to TSMC due to Samsung's underperformance in the semiconductor industry [1][2]. Group 1: AMD's Shift in Partnerships - AMD has decided to forgo its 4nm orders with Samsung and is expected to turn to TSMC for production in the U.S. [1] - The specific reasons for this shift have not been disclosed, but it is likely linked to Samsung's poor performance and TSMC's attractive offerings [1]. - AMD's dual-sourcing strategy involved extensive collaboration with Samsung on the SF4X process, covering EPYC server CPUs, Ryzen APUs, and Radeon GPUs [1]. Group 2: Samsung's Market Position - Samsung's foundry business is struggling to gain industry recognition despite its diverse product range and substantial capacity [1]. - The exit of a major partner like AMD is a negative signal for Samsung, which needs to enhance its reputation in the chip industry [1]. - However, there are indications that companies like NVIDIA are interested in Samsung's 2nm process, suggesting potential future opportunities [2]. Group 3: TSMC's Advancements - TSMC's Arizona facility is currently mass-producing 4nm processes, and AMD is likely to enter this field following its agreement with TSMC [2]. - AMD has ordered high-end 2nm "Venice" server CPUs and is producing the Ryzen 9000 series consumer CPUs, indicating a significant shift in its collaboration with TSMC [2]. - AMD is one of the first companies to gain exclusive rights to the 2nm process, highlighting a transformative change in its partnerships [2].