AMD报告的收入超过了预期的收入，显示了其AI芯片业务的实力

AMD报道了周二的第一季度收益超过预期的，这表明其AI芯片业务的实力。尽管出口管制受到了监管挑战，该公司仍继续表现良好。

AMD reported better-than-expected first-quarter earnings on Tuesday, highlighting the strength of its AI chip business and ability to perform well despite regulatory challenges from export controls.

AMD报告了周二的第一季度收益超过预期的，尽管出口控制措施受到监管挑战，但其AI芯片业务的实力和表现良好的能力。

The chip maker turned in adjusted earnings per share of $0.96 on revenue of $7.4 billion. Analysts polled by had projected EPS of $0.94 on revenue of $7.1 billion.

芯片制造商的收入为74亿美元，每股调整后的收入为0.96美元。预计收入为71亿美元的分析师预计每股收益为0.94美元。

Compared to the same period last year, when AMD reported earnings per share of $0.78 on revenue of $5.4 billion, earnings more than doubled and revenue increased substantially.

与去年同期相比，AMD报告的每股收益为0.78美元，收入为54亿美元，收入增加了一倍多，收入大幅增长。

AMD’s Data Center segment was a star performer, with revenue in this division surging by 57% to $3.7 billion compared to the prior year. This segment includes AMD’s high-performance CPUs and GPUs, which are used in servers and other data center equipment.

AMD的数据中心细分市场是明星表演者，与上一年相比，该部门的收入飙升了57％，至37亿美元。该细分市场包括AMD的高性能CPU和GPU，这些CPU和GPU用于服务器和其他数据中心设备。

“Despite the dynamic macro and regulatory environment, our first-quarter results and second-quarter outlook highlight the strength of our differentiated product portfolio, and we are executing well on our roadmap to deliver leadership products in 2024,” AMD CEO Lisa Su said in the release.

AMD首席执行官丽莎·苏（Lisa Su）在新闻稿中说：“尽管有充满活力的宏观和监管环境，但我们的第一季度结果和第二季度的前景强调了我们差异化产品组合的实力，并且我们在2024年的路线图上表现良好。”

Export Control Challenges

出口控制挑战

The strong results come despite significant headwinds from government regulations. During the earnings call, AMD’s CFO stated that export controls would reduce the company’s revenue by $1.5 billion this year.

尽管政府法规受到严重的逆风，但取得了很大的成果。在收入电话会议期间，AMD的首席财务官表示，今年的出口控制将使公司的收入减少15亿美元。

These challenges stem from the Trump administration’s tighter restrictions on AI chips destined for China. The rules effectively cut off AMD’s ability to ship its MI308 AI processor to the region.

这些挑战源于特朗普政府对注定中国的AI芯片的严格限制。该规则有效地切断了AMD将其MI308 AI处理器运送到该地区的能力。

In April, AMD disclosed it would take a charge of up to $800 million related to inventory and purchase commitments affected by these export control license restrictions.

AMD在4月份透露的，将收取高达8亿美元与库存相关的8亿美元，并购买受这些出口控制许可限制的承诺。

Despite these obstacles, AMD remains optimistic about offsetting the regulatory impact through its product differentiation.

尽管存在这些障碍，AMD仍然对通过其产品差异化抵消监管影响仍然乐观。

“We are focused on mitigating the impact of export controls, leveraging our broad product portfolio and technology to provide optimal solutions for customers in each region,” Su added.

Su补充说：“我们专注于减轻出口控制的影响，利用我们的广泛产品组合和技术为每个地区的客户提供最佳解决方案。”

Stock Response and Key Averages

股票响应和钥匙平均值

The stock’s initial response to the earnings was strongly positive, with AMD shares rising as much as 7% in late trading following the release.

该股票对收益的最初反应非常肯定，在发布后，AMD股票在后期股票上涨了7％。

However, the stock pared some gains during the conference call when executives elaborated on the export control implications. Premarket trading on Wednesday showed the stock up 2.7%.

但是，当高管对出口控制含义详细阐述时，该股票在电话会议期间取得了一些收益。周三的前市场交易显示该股票上涨了2.7％。

For the second quarter, AMD provided a revenue outlook ranging from $7.1 billion to $7.7 billion, with the midpoint of $7.4 billion exceeding analyst expectations of $7.2 billion.

在第二季度，AMD提供了从71亿美元到77亿美元的收入前景，中点为74亿美元，超过了分析师期望为72亿美元。

Its Client segment, which encompasses laptop and desktop chips, generated revenue of $2.3 billion, surpassing analyst projections of $2 billion. This figure also marks a significant increase from $1.3 billion in Q1 last year.

它的客户领域包括笔记本电脑和台式机芯片，产生了23亿美元的收入，超过了20亿美元的分析师预测。这个数字还标志着去年第一季度的13亿美元的大幅增长。

AMD’s gaming business brought in $647 million versus expectations of $540 million, although this segment faces challenges as console life cycles mature.

AMD的游戏业务带来了6.47亿美元，而期望为5.4亿美元，尽管该细分市场面临着挑战，因为游戏机生命周期成熟。

Both Sony and Microsoft’s gaming consoles are entering the second half of their life cycles, typically leading to a decline in sales compared to launch periods.

索尼和微软的游戏机都进入了他们的下半年生命周期，通常会导致销量下降，而与发布期相比。

Console manufacturers have also begun raising prices in response to tariffs. Microsoft announced a $100 price increase for its Xbox Series X, now priced at $599, while Sony has increased PlayStation prices in Europe.

控制台制造商还开始提高对关税的价格。微软宣布其Xbox Series X的价格上涨了100美元，现在价格为599美元，而索尼的PlayStation价格上涨了欧洲的价格。

AMD’s share performance this year reflects broader trends in the semiconductor sector. The stock is down about 18% year-to-date as of Tuesday’s close, compared with a 13% decline for the iShares Semiconductor ETF.

AMD今年的份额表现反映了半导体领域的更广泛趋势。截至周二结束时，该股票降低了约18％，而Ishares半导体ETF下降了13％。

The AI chip market has faced pressure in recent months amid concerns over the sector being overhyped. Additionally, developments like DeepSeek’s January announcement that it produced high-performance AI models using less than top-tier chips have raised questions about future demand.

由于对该部门的夸大，AI芯片市场近几个月来面临压力。此外，诸如DeepSeek一月份宣布，它使用少于顶级芯片的高性能AI模型产生了有关未来需求的问题。

The company competes directly with Intel, which also recently reported better-than-expected earnings but provided lighter guidance for Q2. Nvidia, another major competitor, is scheduled to report earnings on May 28.

该公司直接与英特尔竞争，该公司最近也报告了超过预期的收入，但为第二季度提供了更轻松的指导。 NVIDIA是另一个主要竞争对手，计划于5月28日报告收益。

PC manufacturers, which use AMD chips, are facing challenges from a 145% tariff on products made in China. While computers are currently exempt from Trump’s tariffs, the administration has indicated it might implement duties on semiconductors based on the Commerce Department’s investigation.

使用AMD芯片的PC制造商面临着对中国生产产品的145％关税的挑战。尽管计算机目前免于特朗普的关税，但政府表示，它可能会根据商务部的调查对半导体执行职责。

Despite these macroeconomic and regulatory challenges, AMD’s latest results highlight the company’s ability to execute effectively in a complex environment, positioning it well for continued growth throughout 2025.

尽管有这些宏观经济和监管挑战，AMD的最新结果突显了该公司在复杂的环境中有效执行的能力，可以很好地定位2025年的持续增长。