AMD reports Q4 revenue up 34% YoY to $10.3B, Data Center revenue up 39% YoY to $5.4B, and forecasts Q1 revenue at $9.8B, below $10B projections; AMD drops 15%+

Advanced Micro Devices Inc. shares tumbled in late trading after the chipmaker's sales forecast underwhelmed investors …

Bloomberg 2026-02-04 Ian King

Context & Ripple Effects

AMD’s latest report extends a run of sharply expanding data-center sales: its prior Q4 showed Data Center revenue growth of 69% year over year, while the latest quarter still grew 39% to $5.4 billion. The comparison shows that the business has scaled materially even as growth rates and market expectations shift.

The market reaction also follows a pattern in which AMD’s reported revenue growth has not insulated the stock from an outlook or earnings miss, including the Q2 2025 results that exceeded revenue estimates but missed on diluted EPS. This quarter makes forward guidance the decisive issue again.

First-order effects

AMD’s $9.8 billion Q1 forecast resets near-term sales expectations below the $10 billion projection, despite $10.3 billion in Q4 revenue and continued Data Center growth.
AMD shares fell more than 15%, immediately reducing the market value assigned to its near-term growth outlook.

Second-order effects

The results reinforce that AMD’s valuation will be driven less by headline year-over-year growth than by whether quarterly guidance clears already-high expectations.
Investors now have a clearer split to assess in AMD’s next reports: sustained Data Center revenue expansion versus the pace implied by its overall revenue outlook.

Third-order effects

If this pattern persists, AI-infrastructure chip suppliers may face a higher bar: strong data-center growth alone will not support valuations unless it converts into guidance that exceeds consensus expectations.
The episode points to a maturing infrastructure spending cycle in which markets increasingly distinguish between durable demand growth and the timing of revenue realization.

The trend: AMD’s results are one data point in the AI infrastructure supercycle, where growing data-center demand is increasingly judged against exact expectations for when that demand reaches reported revenue.

Discussion

@theaustinlyons Austin Lyons on x
$AMD Q425 earnings are out. Interesting bits: - First $10B quarter ($10.3B), 54% from data center - Included $390M from China (MI308) - Guiding ~$100M MI308 sales to China next quarter
@stocksavvyshay Shay Boloor on x
$AMD CEO Lisa Su said the data center business is positioned to grow 60%+ annually over the next 3-5 years driven by record server CPU demand that now makes up more than half of total server revenue. She added that the MI500 AI accelerator remains on track for a 2027 launch. [ima…
@ryanshrout Ryan Shrout on x
Well, @AMD just closed out a record-breaking 2025 with massive momentum in AI and high-performance computing. Here are the highlights from the Q4 and full-year results: 🚀 Record-Breaking Financials 🟢 Q4 Revenue: Hit a record $10.3 billion, up 34% year-over-year. 🟢 Q4 Profitabil…
@thetranscript_ @thetranscript_ on x
AMD CEO @LisaSu: “2025 was a defining year for AMD, with record revenue and earnings driven by strong execution and broad- based demand for our high-performance and AI platforms. We are entering 2026 with strong momentum across our business,...” $AMD: -5% AH [image]
@iancutress @iancutress on x
AMD 25Q4 Financials. First $10b revenue quarter. [image]
@stocksavvyshay Shay Boloor on x
$AMD Q4 EARNINGS • Revenue $10.27B vs Est. $9.67B • EPS $1.53 vs. Est. $1.32 • Data Center Sales $5.38B vs Est. $4.97B • Gross Margin 57% vs. Est. 56% Q1 Guidance • Revenue $9.8B vs Est. $9.4B • Gross Margin 55% vs. Est. 55% [image]
@economyapp @economyapp on x
$AMD AMD Q4 FY25: • Revenue +34% Y/Y to $10.3B ($0.6B beat). • Operating margin 17% (+6pp Y/Y). • Non-GAAP EPS $1.53 ($0.21 beat). • Q1 FY26 rev guide ~$9.8B ($0.4B beat). [image]
@iancutress @iancutress on x
What might get missed: best embedded quarter since Q4 2023.
@mentoviax @mentoviax on x
$AMD businesses are thriving, that's true..... but Lisa Su and this CFO are just incredibly unqualified to speak publicly.... Both need training..... After two whole years I am totally done with this CFO...... I nominate myself to take it over, and I am confident I can add $100B
@beth_kindig Beth Kindig on x
AMD $AMD reported $10.27 billion in revenue in Q4, up 34% YoY and 11% QoQ, with Data center revenue up 39% YoY to a record $5.4 billion. Full-year revenue rose 34% to $34.64 billion, with Data center revenue up 32% to $16.6 billion. $NVDA $AVGO
@contrariancurse @contrariancurse on x
$AMD problem for them is that even if you breakthrough, you aren't getting to the front of the line with $TSM. How do you proliferate the ecosystem when you are structurally unable to access volumes This is my top candidate for $INTC customer at 14A.
@jukan05 Jukan on x
Why did AMD miss earnings expectations? 1. Despite TSMC's capacity shortage, the buyside excessively overestimated AMD's CPU shipment numbers. 2. AMD's non-China GPU sales volume fell short of expectations. I've been reading various sell-side reports, and the opinions are quit…
@mar364503 @mar364503 on x
AMD's guidance is weak. Again, $AMD is not able to take more shares of server CPU despite the shortage and surging demand. The reason is simple - AMD does not have flexibility in fab supply, while $INTC is ramping up fabs to produce more server CPUs.
@tbu12345678 @tbu12345678 on x
with due respect to $AMD and $AAPL, we have seen two ok but not “holy cow rip memory pricing to infinity and let $TSM jack infinite price” prints. so capacity tightness has been caused by a party that hasn't reported + will crush numbers. My guess is $NVDA but open to feedback
@stocksavvyshay Shay Boloor on x
$AMD data center business has compounded into a ~$20B run-rate engine [image]
@thetranscript_ @thetranscript_ on x
$AMD CFO: “Our record fourth quarter and full-year results demonstrate AMD's ability to deliver profitable growth at scale. We achieved record non-GAAP operating income and free cash flow...” [image]
@benbajarin Ben Bajarin on x
$AMD with their first Q of $10b or revenue. While not guiding to $10b next Q, I'd wager $10B is the baseline now and only up from here. The second half will be particularly strong for $AMD.
@thexcapitalist @thexcapitalist on x
$AMD now has a clear path to becoming $1 trillion company. It just delivered a blockbuster quarter and guidance beat the estimates as well. If we annualize the current quarter, we are now looking at a $40 billion run rate. Lisa Su guided for 35% annual growth for the next 3-5 [im…
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AMD Reports Fourth Quarter and Full Year 2025 Financial Results
Pure Xbox Fraser Gilbert on x
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@danielnewmanuv Daniel Newman on x
$AMD did very well. Markets will market. But the quarter was well executed and the future remains bright. 👏🏻🚀

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