Key Highlights

  • Revenue hit a record USD 13.4 billion in the third quarter, up 45%, with Data Center sales rising 97% to USD 8.5 billion on EPYC Demand and the launch of Instinct MI450 GPUs.
  • Advanced Micro Devices (NASDAQ:AMD) posted GAAP diluted EPS of USD 1.46 and non-GAAP diluted EPS of USD 2.09, a 74% gain from USD 1.20, with non-GAAP gross Margin of 56%.
  • Guidance calls for fourth-quarter Revenue of about USD 17 billion, within plus or minus 3%, a path equal to roughly 66% annual growth and 27% sequential growth at the midpoint.
  • Gaming sales fell 40% to USD 773 million, so the combined Client and Gaming segment dropped 8% to USD 3.7 billion.

Data Center Almost Doubles Within a USD 13.4 Billion Quarter

Third-quarter 2026 results from Advanced Micro Devices (NASDAQ:AMD) arrived on November 3, 2026, with revenue of USD 13.377 billion, against USD 9.246 billion a year earlier and USD 11.536 billion in the prior quarter. Sales cleared the top of management's guidance range. Data Center revenue of USD 8.5 billion nearly doubled, up 97%, on EPYC demand and the debut of Instinct MI450 series accelerators. Embedded revenue rose 29% to USD 1.1 billion, with aerospace and defense, automotive, communications and industrial customers leading. Client revenue increased 7% to USD 2.9 billion, supported by Ryzen mobile chips.

A USD 1.1 Billion Warrant Charge Separates GAAP From Adjusted Profit

GAAP Operating Income more than doubled to USD 2.832 billion, equal to a 21% margin, and GAAP Net Income surged 95% to USD 2.428 billion, or USD 1.46 a share. The non-GAAP figure of USD 3.471 billion, or USD 2.09 a share, excludes Stock Compensation of USD 523 million, acquisition-related intangible amortization of USD 534 million and a USD 1,097 million Fair Value swing in a warrant liability. That warrant Revaluation relates to warrants issued to some customers and tracks the stock price and valuation inputs. A USD 1,073 million income tax adjustment in the reconciliation partly reverses those add-backs.

Fourth-Quarter Outlook, Helios Ramp and Execution Hazards

The fourth-quarter target of roughly USD 17 billion, plus or minus 3%, runs from about USD 16.5 billion to USD 17.5 billion (own arithmetic), while non-GAAP gross margin is expected near 55%, a touch under the 56% reported. Leadership links the step-up to output of Helios rack systems and sixth-generation EPYC chips called Venice. Early Helios deployments involve Anthropic, Meta, Microsoft, OpenAI and Oracle Cloud Infrastructure, and the company agreed to buy World Labs and Taalas without disclosing terms. Hazards include export restrictions and tariffs, losing a major buyer, shortages of memory and substrates, Yield issues and a cyclical chip market. The conference call was scheduled for 5:00 p.m. ET on November 3.

Where Things Stand

Hitting USD 17 billion is possible but conditional, since the guide requires roughly USD 3.6 billion of extra quarterly revenue at the midpoint (own arithmetic) and that depends on Helios and Venice moving from early deployments to volume. Advanced Micro Devices (NASDAQ:AMD) cleared the top of its revenue range this quarter, and Operating Leverage pushed non-GAAP EPS up 74%. Gaming weakness and a softer gross margin outlook offset those gains, and memory and advanced packaging Supply stay on the risk list. Watch the fourth-quarter report and any update on the pending acquisitions.