In addition to the revenue of $5.4 billion and gross margin of 46 percent, AMD reported an operation loss of $20 million, net income of $27 million, and EPS of $0.02. AMD was expectedly pleased with these results, outlining ramp up in 4th gen EPYC and Ryzen 7000 series, as well as an increase in AI engagements, with MI300 accelerators on track to launch in Q4.

"We delivered strong results in the second quarter as 4th Gen EPYC and Ryzen 7000 processors ramped significantly," said AMD Chair and CEO Dr. Lisa Su. "Our AI engagements increased by more than seven times in the quarter as multiple customers initiated or expanded programs supporting future deployments of Instinct accelerators at scale. We made strong progress meeting key hardware and software milestones to address the growing customer pull for our data center AI solutions and are on track to launch and ramp production of MI300 accelerators in the fourth quarter."

When it comes to specific segments, the Data Center segment was down due to lower 3rd Gen EPYC processor sales, with 4th Gen yet to gain traction. The Client segment took the biggest hit, reporting revenue of $998 million, down by 54 percent compared to the same quarter last year. Thankfully, the Ryzen 7000 series CPUs offset it a bit. The Gaming segment was also down by 4 percent with revenue of $1.6 billion, due to lower gaming graphics sales, but slightly higher semi-custom revenue. The Embedded segment was up by 16 percent with revenue of $1.5 billion.

AMD expects a slight increase in revenue for Q3 2023, with $5.7 billion and a slight increase in gross margin.