AMD reports $13.4 billion in third-quarter revenue and forecasts $17 billion

AMD announced its third-quarter 2026 results on November 3, reporting revenue of $13.4 billion and 74% growth in non-GAAP earnings per share.[1] CNBC reported that both adjusted earnings and revenue exceeded analyst consensus estimates.[2] For the fourth quarter, AMD expects revenue of about $17 billion, plus or minus 3%, and non-GAAP gross margin of about 55%.[1] The revenue guidance midpoint implies about 66% year-over-year growth and a 27% increase from the third quarter.[1] AMD said it expects growth to accelerate further as it scales Helios and Venice production.[1]

AMD’s Data Center segment generated a record $8.5 billion in third-quarter revenue, up 97% year over year.[1] The company attributed the growth to strong demand for EPYC processors and the launch of Instinct MI450 Series GPUs.[1] AMD said Anthropic, Meta, Microsoft, OpenAI and Oracle Cloud Infrastructure were running workloads on its first Helios rackscale systems.[1] On November 9, AMD announced that its fifth-generation EPYC processors power the host infrastructure for Google Cloud TPU 8tx.[5] AMD said that collaboration supports inference, fine-tuning and reinforcement-learning workloads.[5]

CNBC reported AMD shares rose 4% in premarket trading after the results, following a roughly 24% decline over the prior month amid investor concerns about AI spending and the sustainability of the buildout.[2] 24/7 Wall St. reported a pre-bell price of $518.69, up 7.19%, while Livemint reported an intraday high of $504.80 after a 12.5% rise.[3][4] These are distinct reported snapshots. In the quarter, free cash flow fell 70.9% year over year to $554 million, and inventory stood at $11.46 billion; management linked inventory to Data Center demand exceeding supply.[3] GAAP earnings per share included a $0.66 non-cash warranty charge.[3]

The reported results and forecast give investors several measures to assess, but the available analyst views were not uniform. 24/7 Wall St. gave AMD a $505.37 12-month price target and a hold rating at the then-current price, with 90% confidence.[3] CNBC reported that Goldman Sachs maintained a buy rating while lowering its price target from $700 to $675.[2] These ratings and targets are separate assessments, not company guidance. For professionals evaluating exposure to AMD or AI infrastructure spending, it is useful to distinguish the company’s revenue outlook from third-party views and from the cash-flow and inventory figures reported for the quarter.[1][3]