AMD reported revenue of $7.4 billion for the first quarter of 2025, representing a 36% increase compared to the same period last year. The company’s non-GAAP net income was $1.6 billion, or $0.96 per share. Growth was led by the Data Center segment, which posted $3.7 billion in revenue, up 57% year-over-year, driven by sales of EPYC CPUs and Instinct GPUs. Client segment revenue also rose 68% year-over-year to $2.3 billion, while Gaming revenue declined 30% to $647 million due to reduced semi-custom sales.
Gross margin on a non-GAAP basis was 54%, flat compared to the previous quarter. AMD completed its acquisition of ZT Systems during the quarter and expanded its partnerships related to AI infrastructure. The company expects second quarter revenue to be approximately $7.4 billion, plus or minus $300 million. Gross margin is projected at 43% due to charges associated with export controls; excluding those, it would be approximately 54%.
- Q1 2025 revenue: $7.4 billion, up 36% year-over-year
- Data Center revenue: $3.7 billion, up 57% year-over-year
- Client revenue: $2.3 billion, up 68% year-over-year
- Gaming revenue: $647 million, down 30% year-over-year
- Non-GAAP gross margin: 54%; GAAP gross margin: 50%
- Non-GAAP operating income: $1.8 billion; GAAP operating income: $806 million
- Non-GAAP EPS: $0.96; GAAP EPS: $0.44
- Capital expenditures: $24.3 million
- Q2 2025 outlook: Revenue of $7.4B ± $300M; non-GAAP gross margin of 43% (or 54% excluding export-related charges)
“We grew first quarter revenue 36% year-over-year and delivered significant earnings leverage as our business gains scale,” said Jean Hu, AMD EVP, CFO and Treasurer. “We continue to invest in R&D and go-to-market initiatives, positioning the company for long-term growth and value creation for our shareholders.”
