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AMD Tops Q3, Raises Q4 Outlook on Data-Center Strength

Shares slipped after gross margin guidance met expectations, prompting renewed questions about AI infrastructure spending.

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An AMD logo and a computer motherboard appear in this illustration created on August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
Lisa Su, president and chief executive officer of Advanced Micro Devices (AMD), holds a 3rd generation Ryzen desktop processor while speaking during a keynote session at the 2019 Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S., on Wednesday, Jan. 9, 2019.

Overview

  • Revenue rose 36% to $9.25 billion with adjusted EPS of $1.20, beating estimates, as data-center sales reached $4.3 billion, up 22% year over year.
  • AMD guided fourth-quarter revenue to about $9.6 billion plus or minus $300 million, above consensus, and projected a 54.5% adjusted gross margin in line with forecasts.
  • The company said its outlook excludes any revenue from Instinct MI308 shipments to China.
  • AMD highlighted multi-year deals that include OpenAI planning up to 6 gigawatts of GPU deployments with an option to buy roughly 160 million AMD shares, and Oracle targeting up to 50,000 GPUs across its cloud.
  • Initial rack-scale MI450 deployments are scheduled for the second half of 2026, placing most deal-related revenue in future periods rather than the current quarters.