Discussion AMD Earnings Q3 2025

[inquiss]

Results are out.. time for discussion...

https://d1io3yog0oux5.cloudfront.net/_e371e5392cfc7a63fc29ddce2db3bbdb/amd/db/841/9182/presentation/AMD+Q3%2725+Earnings+Slides+Final.pdf

 

[Markfw]

LOOKS LIKE A GREAT QUARTER OR Y/Y either one. (dang caps)

 

[NTMBK]

Client & Gaming up 73%?! What happened?

 

[GaiaHunter]

Client & Gaming up 73%?! What happened?

RDNA4 vs nothing previous year?

 

[desrever]

Looks good and very good comments from Lisa. Stock isn't tanking >10% is actually very good for AMD ER.

 

[Saylick]

Beat on earnings + beat on guide, and the stock is down >3% in after-hours trading lol. All I got to say is traders are impatient for AMD's Nvidia moment.

I bet the stock recovers before AMD's Analyst Day on 11/11, at which point it will tank again lol

 

[Tuna-Fish]

AMD now has 67% of Intel's revenue. If both hit the midpoint of their guidance next quarter, AMD will be 72% of Intel.

 

[Saylick]

AMD now has 67% of Intel's revenue. If both hit the midpoint of their guidance next quarter, AMD will be 72% of Intel.

vs.

 

[Hitman928]

Client & Gaming up 73%?! What happened?

Semi-custom picking back up and RDNA4 sales doing well. CPU sales also doing good with the forced Win 11 upgrade cycle.

 

[Joe NYC]

Semi-custom picking back up and RDNA4 sales doing well. CPU sales also doing good with the forced Win 11 upgrade cycle.

Looks like the only segment projected to go down next quarter is console.

Lisa is forecasting taking share from Intel in both server and client CPU in Q4.

 

[adroc_thurston]

Client & Gaming up 73%?! What happened?

normalized console inventory levels + RDNA4 is doing well in the channel (unfortunately it does not exist in mobile dGFX).

 

[DrMrLordX]

RDNA4 vs nothing previous year?

9070XT baby.

RDNA4 is doing well in the channel (unfortunately it does not exist in mobile dGFX).

Is AMD even going to produce mdGPUs anymore?

 

[DAPUNISHER]

Doc and Ryan have a good breakdown - https://morethanmoore.substack.com/p/amd-2025-q3-financials

 

[adroc_thurston]

Is AMD even going to produce mdGPUs anymore?

I seriously really don't know.

 

[inquiss]

I seriously really don't know.

Seems like the apu route next gen is where they are going. Displace mdgpu with apus that work like mdgpu

 

[adroc_thurston]

Seems like the apu route next gen is where they are going. Displace mdgpu with apus that work like mdgpu

Well it becomes a dGPU with one simple trick, so if they have the design volume they'll ship it.

 

[inquiss]

Well it becomes a dGPU with one simple trick, so if they have the design volume they'll ship it.

To pair them with what CPUs? Intel? If those designs are AMD anyway why not just leave them as APUs

 

[adroc_thurston]

If those designs are and anyway why not just leave them as APUs

For those laptops with config flexibility stretching from x50 to x80 tiers I guess.

 

[Josh128]

Client & Gaming up 73%?! What happened?

X3D has taken over, Intel is losing mindshare quickly now.

 

[jpiniero]

X3D has taken over, Intel is losing mindshare quickly now.

DIY isn't that big. It might be the Win 11 Refresh... and OEMs are pushing AMD more to Corpos because they think Intel is going out of business?

 

[Josh128]

DIY isn't that big. It might be the Win 11 Refresh... and OEMs are pushing AMD more to Corpos because they think Intel is going out of business?

I think DIY is a lot bigger now than it was even say when Zen 2 released. I dont know, but its a large jump. I cant imagine its mostly from RDNA 4. I know 9800X3D has sold like hotcakes though.

 

[Joe NYC]

X3D has taken over, Intel is losing mindshare quickly now.

Excluding Gaming (Console + dGPU), AMD client CPU is a little less - 46.3% YoY - but still, this represents market share gain vs. Intel, which had revenue gain only 3.6% YoY.

Some of this increase can be attributed to higher pricing, such as X3D chips, rest to selling more units.

 

[Hitman928]

Excluding Gaming (Console + dGPU), AMD client CPU is a little less - 46.3% YoY - but still, this represents market share gain vs. Intel, which had revenue gain only 3.6% YoY.

Some of this increase can be attributed to higher pricing, such as X3D chips, rest to selling more units.

Yep, gaming was up 181% y/y.

 

[gdansk]

I don't know how to translate AMD financese "strong demand" into marketshare.
If anyone can translate let me know. Maybe that's a job for AI.

 

[Joe NYC]

I don't know how to translate AMD financese "strong demand" into marketshare.
If anyone can translate let me know. Maybe that's a job for AI.

In server CPU, it is translating to market share, but AMD is not allowed to say it because saying it would imply that datacenter GPUs are growing slower.

In desktop, it is translating to dollar market share gain over past year and some unit market share probably.

In notebooks, probably the smallest gains. But we will see what Mercury comes up for these segments.

Challenges to find out the real numbers is that AMD reportable segment of Datacenter includes both GPU and CPU, and increasingly, networking is also growing with Pensando cards.

In client, it is more straight forward, when we compare AMD CPU (up 46.3% YoY) vs. Intel CPU (up 3.6% YoY)