Q2 2020 lands on the accelerating side of that history — total revenue of $1.93B up 26% YoY, with Computing and Graphics at $1.37B up 45% — and the subsequent quarters in the coverage confirm the pattern held rather than spiked.
First-order effects
Computing and Graphics growing 45% against total growth of 26% makes Ryzen-driven client sales the load-bearing segment right now, widening its lead over the rest of AMD's business.
Second-order effects
The momentum carried straight into the next print: the following quarter's $2.8B, up 56% YoY with net income tripling to $390M, showing buyers were still converting at higher volumes rather than pulling forward demand.
Third-order effects
A year later the same segments had scaled past recognition — revenue nearly doubled to $3.85B with Enterprise, Embedded and Semi-Custom up 183% — turning what looked like a client-CPU story in mid-2020 into a diversified data-center and semi-custom platform story.
The trend: AMD's Ryzen-led recovery compounded from single-segment PC CPU share gains in 2017-2020 into broad-based, multi-segment scale by 2021, resetting expectations for what each quarterly print has to beat.
Among the things that stood out for me from $AMD's Q2 report and call: 1) Notebook CPU sales more than doubled Y/Y. Ryzen 4000 line has really changed things here. 2) Data center sales made up over 20% of revenue. Good chance Epyc is on a $2B+ annual run rate by year's end.
“Wow, how did @AMD get a 9% after-hours spike from their earnings call?!” “They just reread @intel's quarterly filing from last week in lieu of their own.” https://twitter.com/...
It's wild to think, given the inevitable share gains headed for AMD in server and client (both now under 20%), that at some point their market cap could pass Intel.
Unsurprisingly, $AMD had a good Q2: -26% growth overall -records in CCG and servers -45% CCG growth, doubled Ryzen notebooks -highest client CPU in 12 years, highest notebook revenue ever -2X Epyc server revenue -Increased 2020 guide https://www.globenewswire.com/ ....
As I had expected. @AMD beat on both revenue and EPS. Bigger news is the expected growth now being bumped to 32%. Market is reacting very positively. More good #Earnings news as #tech continues to show resiliency despite pandemic woes. $AMD https://twitter.com/...
“@AMD now expects 2020 revenue to grow by approximately 32 percent compared to 2019 driven by strength in PC, gaming and data center products.” That's crazy. $AMD