AMD’s gaming business is just fine

AMD’s Q1’24 results showed a 48% year-over-year decline in Gaming segment revenue to $922 million due to lower semi-custom SOC revenue and AMD Radeon GPU sales. Despite shipping 32 million gaming APUs to console and handheld device makers in 2023, the console business has a predictable seasonality, with shipments typically declining in Q2. This decline was anticipated, and investors were likely aware of the trends and industry mechanics. The impact on gaming revenue is significant, as the console business accounts for over half of AMD’s gaming shipments. AMD issued its Q1’24 results and reported that its Gaming segment revenue was $922