BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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AMD Reports Strong Financial Results for Q2 2024
Santa Clara, Calif. – July 30, 2024 – AMD (NASDAQ) announced robust financial results for the second quarter of 2024, highlighting significant revenue and earnings growth. The company's revenue for Q2 2024 reached $5.8 billion, a 9% year-over-year increase, with a gross margin of 49%. AMD's GAAP operating income stood at $269 million, and net income was reported at $265 million, resulting in diluted earnings per share of $0.16. On a non-GAAP basis, the gross margin was 53%, operating income was $1.3 billion, net income was $1.1 billion, and diluted earnings per share was $0.69.
Key Financial Highlights:
- Revenue: $5.8 billion, up 9% year-over-year
- Gross Margin: 49% GAAP, 53% non-GAAP
- Operating Income: $269 million GAAP, $1.3 billion non-GAAP
- Net Income: $265 million GAAP, $1.1 billion non-GAAP
- Diluted Earnings per Share: $0.16 GAAP, $0.69 non-GAAP
Dr. Lisa Su, AMD Chair and CEO, attributed the strong performance to record revenue in the Data Center segment and accelerated growth in the AI business. The company anticipates continued revenue growth in the second half of the year, driven by high demand for Instinct, EPYC, and Ryzen processors.
Jean Hu, AMD EVP, CFO, and Treasurer, noted that the company exceeded its revenue guidance midpoint due to robust growth in the Data Center and Client segments. AMD expanded its gross margin and delivered solid earnings growth while increasing strategic AI investments.
GAAP Quarterly Financial Results:
- Q2 2024 Revenue: $5,835 million (Up 9% Y/Y, Up 7% Q/Q)
- Gross Profit: $2,864 million (Up 17% Y/Y, Up 12% Q/Q)
- Gross Margin: 49% (Up 3 ppts Y/Y, Up 2 ppts Q/Q)
- Operating Expenses: $2,605 million (Up 5% Y/Y, Up 3% Q/Q)
- Operating Income: $269 million (Up 1,445% Y/Y, Up 647% Q/Q)
- Net Income: $265 million (Up 881% Y/Y, Up 115% Q/Q)
- Diluted Earnings per Share: $0.16 (Up 700% Y/Y, Up 129% Q/Q)
Non-GAAP Quarterly Financial Results:
- Q2 2024 Revenue: $5,835 million (Up 9% Y/Y, Up 7% Q/Q)
- Gross Profit: $3,101 million (Up 16% Y/Y, Up 8% Q/Q)
- Gross Margin: 53% (Up 3 ppts Y/Y, Up 1 ppt Q/Q)
- Operating Expenses: $1,847 million (Up 15% Y/Y, Up 6% Q/Q)
- Operating Income: $1,264 million (Up 18% Y/Y, Up 12% Q/Q)
- Net Income: $1,126 million (Up 19% Y/Y, Up 11% Q/Q)
- Diluted Earnings per Share: $0.69 (Up 19% Y/Y, Up 11% Q/Q)
Segment Performance:
- Data Center: Revenue of $2.8 billion, up 115% Y/Y and 21% Q/Q, driven by AMD Instinct GPU shipments and 4th Gen EPYC CPU sales.
- Client Segment: Revenue of $1.5 billion, up 49% Y/Y and 9% Q/Q, mainly due to Ryzen processor sales.
- Gaming Segment: Revenue of $648 million, down 59% Y/Y and 30% Q/Q.
- Embedded Segment: Revenue of $861 million, down 41% Y/Y, up 2% Q/Q.
Recent Highlights:
- AMD expanded its AI solutions portfolio with new CPUs, GPUs, NPUs, and software offerings.
- Launched the AMD Instinct MI325X accelerator and previewed the next-gen CDNA™ 4 architecture.
- Introduced AMD Ryzen AI 300 Series processors with leading AI processing power.
- Partnered with cloud providers to enhance AI capabilities, with Microsoft offering new Azure ND MI300X V5 instances.
- Launched the Radeon™ PRO W7900 Dual Slot GPU for AI workstations.
Future Outlook:
For Q3 2024, AMD expects revenue of approximately $6.7 billion, plus or minus $300 million, representing about 16% year-over-year growth. Non-GAAP gross margin is projected to be around 53.5%.
Source: AMD
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