By Danish Lim, Investment Analyst for Phillip Nova
This week, AMD (-2.54%) fell as a soft revenue forecast overshadowed an upbeat outlook for AI chips.
- Expects 1Q 2024 revenue to be around $5.4B, below consensus estimates of $5.73B.
- Data centre segment revenue growth forecasted to be flat, with a seasonal decline in traditional server chip sales offset by strong GPU chip demand.
- Client, Embedded, and Gaming segment sales are expected to decline sequentially.
- Reflects ongoing chip supply glut and weak end-market demand for non-AI chips as customers hold off on purchases in PCs, servers, and other areas.
- Despite near-term pessimism, AMD raised its 2024 GPU revenue guidance to $3.5B, up from prior guidance of $2B. Strong demand for GPU chips may help compensate for end-market weakness.
- AMD is ultimately one of the few viable alternatives to Nvidia in the GPU market.
Earnings Results:
– EPS: Actual $0.770 vs Est $0.771, EPS surprise: -0.17%
– Revenue: Actual $6.168B vs Est $6.131B, Revenue surprise: 18.32%
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