Advanced Micro Devices, Inc. (NASDAQ: AMD) reported better-than-expected results for the third quarter of 2023. The semiconductor company also provided guidance for the fourth quarter.
Third-quarter earnings, excluding special items, rose to $0.70 per share from $0.67 per share in the corresponding quarter of 2022. On a reported basis, net income was $299 million or $0.18 per share in Q3, compared to $66 million or $0.04 per share in the prior-year period.
September-quarter revenues increased to $5.80 billion from $5.57 billion a year earlier. Both earnings and revenues exceeded analysts’ estimates.
“Our data center business is on a significant growth trajectory based on the strength of our EPYC CPU portfolio and the ramp of Instinct MI300 accelerator shipments to support multiple deployments with hyper-scale, enterprise, and AI customers,” said AMD’s CEO Lisa Su.