What just happened? It was another great quarter for AMD. In the first quarter of 2022, the hardware giant generated record revenue of $5.9 billion, beating analysts’ expectations and up 71.2% from the same period a year earlier. Net income also rose 22% year on year to $786 million.

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AMD’s Enterprise, Embedded, and Semi-Custom segments were the highest-grossing segment in the quarter, generating $2.5 billion at an 88% annual growth rate. Its operating profit was even more impressive, up 218% year-over-year.

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AMD’s semi-custom sales, covering the PlayStation 5, Xbox Series X and Steam Deck, are up double-digit percentages year-on-year. “Sales of this generation of game consoles continue to outperform all previous generations, and we expect 2022 to be a record year for our semi-custom business,” said CEO Dr. Lisa Su.

It was another record quarter for AMD’s computing and graphics business. This generated $2.8 billion in revenue — up 33% from a year ago and 8% more than the previous quarter — a jump that saw sales of Ryzen CPUs and Radeon GPUs drop. Three Radeon RX 6000 series cards participated in last year’s Steam Polljoining what was the only RDNA 2 GPU in the chart, with Ryzen chips taking another fraction of Intel’s CPU share.

The news of this segment’s success is especially welcome as it comes at a time when PC sales are slowing down following the pandemic-driven boom when much of the world was working from home.

“While the PC market is experiencing some weakness due to several quarters of shipments of near-record units, we remain focused on the premium, gaming and commercial segments of the market, where we see great growth opportunities and look forward to continuing to increase the overall share of client revenues. . Su added.

AMD has confirmed that it has completed receiving Xilinx in February. It says that if the six-week income from the deal had not been included in the results, its total income would have increased by only 55% year-on-year to $5.3 billion.

The forecast for the second quarter of the year is equally positive. AMD forecasts Q2 2022 revenue to reach $6.5B (+/- $200M), up 69% from a year earlier and up 10% from the previous quarter.

AMD’s share price has jumped about 6% since the announcement of its first quarter financial results. But, like Intel and Nvidia, its shares have fallen (by 39%) since the beginning of the year.