Advanced Micro Devices (AMD) reported quarterly revenue of $11.5 billion for the period ending June 27, slightly surpassing analyst expectations of $11.3 billion and the company's own guidance. Despite this narrow beat, AMD shares experienced a 6% decline in after-hours trading. The chip maker announced its fifth consecutive quarter of record sales for its core processors, fueled by the surging demand for artificial intelligence.

The company's strategic pivot towards serving high-growth AI workloads has shown significant traction, particularly within its data center segment. Data-center revenue experienced a substantial increase, doubling year-over-year to a record $6.7 billion. This segment now constitutes a dominant 58% of AMD's total revenue, a notable rise from 42% in the previous year. This shift highlights AMD's increasing reliance on and success in the lucrative data center market, driven by the ongoing AI boom.