Semiconductor company Advanced Micro Devices, Inc. (NASDAQ: AMD) reported a sharp fall in adjusted profit for the second quarter of 2023, hurt by an 18% decline in revenues.
Earnings, excluding special items, dropped to $0.58 per share in the most recent quarter from $1.05 per share in the second quarter of 2022. On a reported basis, net income was $27 million or $0.02 per share, compared to $447 million or $0.27 per share in the prior-year period.
Second-quarter revenues declined to $5.36 billion from $6.55 billion in the corresponding period of last year.
“We made strong progress meeting key hardware and software milestones to address the growing customer pull for our data center AI solutions and are on track to launch and ramp production of MI300 accelerators in the fourth quarter,” said AMD’s CEO Lisa Su.
