Management remarks
Call period: 2026 Q2 · 2026-08-04
Guidance: Lisa Su: In server CPUs with very strong customer demand and improved supply, we now expect server revenue to grow more than 80% year-over-year in the second half of 2026 and more than 70% for the full year 2027, off a much higher base.Demand and orders: Lisa Su: Data center revenue grew 107% year-over-year to a record $6.7 billion, driven by strong demand for EPYC processors and Instinct accelerators.Margins: Jean Hu: In addition, we expect third quarter non-GAAP gross margin to be approximately 56%.Analyst Q&A
Analyst Atif Malik asked: And one for Jean. How should we think about OpEx growth relative to that overall 40% market growth that you talked about in the next few years? Management Jean Hu answered: I think Lisa talked about the TAM growth at 40%, and we'll be growing faster than TAM. From an OpEx perspective, we'll continue to invest given the large opportunities we have ahead of us. But you should expect us to manage this OpEx increase less than the top line revenue growth. That's what our business model is designed for so we can drive in more operating leverage to deliver earnings per share. That is also consistent with Lisa said, our EPS will be significantly higher than $20 we outlined at our Financial Analyst Day.管理层陈述
电话会期间：2026 Q2 · 2026-08-04
指引：苏姿丰：在客户需求强劲且供应改善的服务器CPU领域，我们预计2026年下半年服务器营收同比增长超80%，2027年全年营收同比增长超70%，基数较此前更高。需求与订单：苏姿丰：受EPYC处理器和Instinct加速器需求强劲推动，数据中心营收同比增长107%至创纪录的67亿美元。利润率：胡正：此外，我们预计第三季度非GAAP毛利率约为56%。分析师问答
分析师阿蒂夫·马利克提问：我们该如何理解未来几年与你们提及的40%整体市场增长率相对应的运营支出增长情况？管理层让·胡回应：我们的增速将高于40%的总可寻址市场增长率，虽会因大量机遇持续投入运营支出，但运营支出增幅将低于营收增幅，以此实现更高运营杠杆以推动每股收益增长，且每股收益将显著高于金融分析师日设定的20美元目标。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
