AMD has shared its financial results for Q1 2024, and with it comes the news that the company’s gaming segment revenue has worsened at $922 million, down 48% year-over-year and 33% sequentially. The reason for this is declining interest in both semi customer and Radeon GPU sales, according to Jean Hu, Executive Vice President, Chief Financial Officer and Treasurer at AMD, who updated investors yesterday in an earnings call alongside Mitch Haws (Vice President, Investor Relations) and Dr. Lisa Su (Chair and Chief Executive Officer).
A breakdown of the numbers from Hu:
- Gaming segment revenue
- $922 million
- 48% decline year-over-year
- 33% decline sequentially
- Gaming segment operating income
- $151 million or 16% of revenue
- $314 million or 18% a year ago
The word from Dr. Lisa Su, AMD Chair and Chief Executive Officer:
…turning to our Gaming segment. Revenue declined 48% year-over-year and 33% sequentially to $922 million. First quarter semi-custom SoC sales declined in line with our projections as we are now in the fifth year of the console cycle. In Gaming Graphics, revenue declined year-over-year and sequentially. We expanded our Radeon 7000 Series family with the global launch of our Radeon RX 7900 GRE and also introduced our driver-based AMD fluid motion frames technology that can provide large performance increases in 1,000s of games.