AMD 预计本季度营收将达约 170 亿美元。若实现这一目标，将是该公司单季营收首次超过英特尔。这一预测伴随着创纪录的第三季度业绩出炉：其数据中心业务营收近乎翻倍，而游戏业务销售额下滑 40%。
AMD expects about $17 billion in revenue this quarter. If it gets there, it will sell more than Intel in a quarter for the first time. The forecast came with record third-quarter results. Its data centre business nearly doubled, while gaming sales fell by 40%.
AMD 于周二表示，截至 9 月 26 日的季度营收同比增长 45% 至 134 亿美元。英特尔对比最早见于《Tom's Hardware》。英特尔预期同期营收为 150 亿至 160 亿美元。该预期导致英特尔股价出现数十年来最大跌幅。
Revenue rose 45% to $13.4 billion in the quarter to 26 September, AMD said on Tuesday. The Intel comparison first appeared in Tom’s Hardware. Intel expects $15 billion to $16 billion for the same quarter. That forecast sent its shares into their steepest fall in decades.
“我们交出了一份创纪录的季报，营收超出我们此前指引的高端，数据中心部门销售额同比近乎翻倍。”AMD 董事长兼首席执行官苏姿丰表示。两项数字均超出华尔街预期。分析师原预期第三季度营收 130.9 亿美元、第四季度 162 亿美元。这些为 LSEG 估值，引自 CNBC。在业绩发布前，AMD 经历了一周的 AI 芯片抛售，急需一份亮眼的季报。
“We delivered a record quarter with revenue exceeding the high end of our guidance as Data Center segment sales nearly doubled year-over-year.”Lisa Su, AMD chair and CEO Both numbers beat Wall Street. Analysts had expected $13.09 billion for the third quarter and $16.2 billion for the fourth. Those are LSEG estimates, cited by CNBC. Going into the results, AMD needed a big quarter after a week of AI chip selling.
数据中心已成 AMD 绝对核心 数据中心营收同比激增 97% 至创纪录的 85 亿美元，约占总营收的 64%。AMD 将其归功于 EPYC 服务器处理器的强劲需求以及 Instinct MI450 GPU 的推出。该部门营业利润从去年同期的 11 亿美元增至 29 亿美元。
Data centres are now most of AMD Data centre revenue rose 97% to a record $8.5 billion, about 64% of the total. AMD credited demand for its EPYC server processors and the launch of its Instinct MI450 GPUs. The unit’s operating income rose to $2.9 billion from $1.1 billion a year earlier.
AMD 表示，Anthropic、Meta、微软、OpenAI 和 Oracle 均在其首批 Helios 机柜上运行工作负载。Meta 上周称其机柜已投入运行，与此同时 AMD 同意向 Meta 投资 10 亿美元。苏姿丰在财报电话会上告诉分析师，预计明年将有更大增长：“我们曾表示，整体公司营收将增长 80% 以上，数据中心 CPU 业务将翻倍左右，而数据中心 AI 业务将显著超过翻倍。”苏姿丰在财报电话会上表示。
Anthropic, Meta, Microsoft, OpenAI and Oracle are running workloads on AMD’s first Helios racks, the company said. Meta said last week that its racks were running, as AMD agreed to invest $1bn in Meta. Su told analysts on the earnings call that she expects much more next year: “We have said the overall company will grow greater than 80 percent, and for the data center CPU business, we will about double, and for the data center AI business, it will significantly more than double.”
首席财务官胡珍（Jean Hu）在电话会上称，预期数据中心业务终将占营收的 80% 以上。苏姿丰还表示，AMD 已为实现该增长锁定所需的晶圆、封装、内存及其他零部件。
Lisa Su, on the earnings call Chief financial officer Jean Hu said on the call that she expects data centres to make up more than 80% of revenue in time. Su also said AMD had secured the wafers, packaging, memory and other parts it needs for that growth.
游戏业务下滑 40% 其余业务则呈现相反趋势。游戏收入下降 40% 至 7.73 亿美元，AMD 将其归因于半定制芯片和显卡销售下滑。半定制芯片是 AMD 为游戏主机供应的处理器。苏姿丰在电话会议上表示，AMD 预期在主机周期的这个阶段会出现下滑。
Gaming falls 40% The rest of the business moved the other way. Gaming revenue fell 40% to $773 million, which AMD put down to lower semi-custom and graphics sales. Semi-custom chips are the processors it supplies for game consoles. Su said on the call that AMD expected the drop at this stage of the console cycle.
客户端收入（主要为锐龙 PC 处理器）增长 7% 至 29 亿美元，得益于移动芯片销售。内存价格正在挤压更广泛的 PC 市场。苏姿丰表示，她预计明年该市场将以两位数百分比收缩。嵌入式业务收入增长 29% 至 11 亿美元。
Client revenue, mostly Ryzen PC processors, rose 7% to $2.9 billion on sales of mobile chips. Memory prices are squeezing the wider PC market. Su said she expects it to shrink by a double-digit percentage next year. Embedded revenue rose 29% to $1.1 billion.
现金流滞后于利润 营业利润翻倍多至 28 亿美元，净利润增长 95% 至 24 亿美元。现金流未能跟上步伐。AMD 的财务报表显示，自由现金流从一年前的 15.3 亿美元降至 5.54 亿美元。库存占用 30 亿美元，资本支出翻倍多至 6.48 亿美元。
Cash lags profit Operating income more than doubled to $2.8 billion and net income rose 95% to $2.4 billion. Cash did not keep pace. Free cash flow fell to $554 million from $1.53 billion a year earlier, AMD’s tables show. Inventories took $3 billion, and capital spending more than doubled to $648 million.
AMD 还预计本季度毛利率将略微收窄至约 55%，低于第三季度的 56%。CNBC 报道，周二盘后股价上涨约 8%。随着美国大选结果出炉，股价回吐了部分涨幅。
AMD also expects its gross margin to narrow slightly to about 55% this quarter, from 56% in the third. The shares rose about 8% after hours on Tuesday, CNBC reported. They gave back part of the gain as US election results came in.
英特尔里程碑能否实现取决于 AMD 是否达成自身预测。预测区间为约 165 亿至 175 亿美元。即使是该区间的下限，也高于英特尔区间的上限。
The Intel milestone depends on AMD landing inside its own forecast. The range runs from about $16.5 billion to $17.5 billion. Even the bottom of that range sits above the top of Intel’s.