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Advanced Micro Devices Inc. (AMD-2.49%) has submitted its Form 10-K filing for the fiscal year ended December 28, 2024.
The filing reports a net revenue of $25.8 billion for the year, an increase from $22.7 billion in 2023. This growth was driven by the Data Center and Client segments, with Data Center revenue increasing by 94% to $12.6 billion, and Client revenue increasing by 52% to $7.1 billion.
The Gaming segment saw a decrease in revenue by 58% to $2.6 billion, primarily due to lower semi-custom product revenue. The Embedded segment also experienced a revenue decline of 33% to $3.6 billion as customers normalized inventory levels.
Gross margin improved to 49% from 46% in the previous year, attributed to a favorable revenue mix shift towards higher Data Center and Client revenues.
Operating income for 2024 was $1.9 billion, up from $401 million in 2023, primarily due to increased revenue, despite higher R&D investments.
Net income for the year was reported at $1.6 billion, a rise from $854 million in 2023, driven by the increased revenue.
The company reported cash, cash equivalents, and short-term investments of $5.1 billion as of December 28, 2024, with total debt reduced to $1.8 billion after repaying the 2.95% Senior Notes due 2024.
During 2024, AMD returned $862 million to shareholders through the repurchase of 5.9 million shares of common stock.
AMD's 2024 Restructuring Plan, aimed at driving efficiencies and aligning resources with growth opportunities in AI and enterprise markets, resulted in restructuring charges of $186 million.
The company completed the acquisition of Silo AI Oy to enhance its AI capabilities and has entered an agreement to acquire ZT Group Int’l, Inc., expected to close in the first half of 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Advanced Micro Devices Inc. annual 10-K report dated February 5, 2025. To report an error, please email earnings@qz.com.