Advanced Micro Devices Posts Strong Q1 Results
Advanced Micro Devices (NASDAQ: AMD) reported a 38% year-over-year revenue increase, totaling $10.25 billion for Q1 2023, surpassing analyst expectations of $9.89 billion. Adjusted earnings per share surged 43% to $1.37, exceeding forecasts of $1.29.
Data center revenue rose 57% to $5.8 billion, with server CPU demand projected to reach a $120 billion total addressable market by 2024, showing significant growth from earlier estimates. AMD anticipates further revenue increases, estimating Q2 revenue to grow 46% year-over-year to $11.2 billion.
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