Advanced Micro Devices, Inc. (AMD) Q1 2023 Earnings Call Transcript

For the period ending March 26, 2023

May 2, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to the AMD First Quarter 2023 Earnings Conference Call.

It's now my pleasure to turn the call over to Ruth Cotter. Please go ahead, Ruth.

Ruth Cotter - SVP, Marketing, HR & IR

Thank you, and welcome to AMD's First Quarter 2023 Financial Results Conference Call. By now, you should have had the opportunity to review a copy of our earnings press release and accompanying slideware. If you've not reviewed these documents, they can be found on the Investor Relations page of amd.com. .

We will refer primarily to non-GAAP financial measures during this call. The full non-GAAP to GAAP reconciliations are available in today's press release and slides posted on our website.

Participants on today's conference call are Dr. Lisa Su, our Chair and Chief Executive Officer; and Jean Hu, our Executive Vice President, Chief Financial Officer and Treasurer. This is a live call and will be replayed via webcast on our website.

Before we begin today's call, we would like to note that Jean Hu will attend the JPM Annual Technology, Media and Communications Conference on Tuesday, May 23; Dan McNamara, Senior Vice President and General Manager, Server Business Unit, will attend the Bank of America Global Technology Conference on Tuesday, June 6. And our second quarter 2023 quiet time is expected to begin at the close of business on Friday, June 16.

Today's discussion contains forward-looking statements based on current beliefs, assumptions and expectations, speak only as of today and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. Please refer to the cautionary statement in our press release for more information on factors that could cause actual results to differ materially.

Now with that, I'll hand the call over to Lisa. Lisa?

Lisa Su - President, CEO & Chair

Thank you, Ruth, and good afternoon to all those listening in today. We executed very well in the first quarter as we delivered better-than-expected revenue and earnings in a mixed demand environment, launched multiple leadership products across our businesses and made significant progress accelerating our AI road map and customer engagements across our portfolio.

First quarter revenue was $5.4 billion, a decrease of 9% year-over-year. Sales of our data center and embedded products contributed more than 50% of overall revenue in the quarter as cloud and embedded revenue grew significantly year-over-year.