AMD ended fiscal-year 2020 on a high note Tuesday, posting strong Q4 performance with revenues up more than 50% year over year and full-year revenues up 45% from 2019 topping $9.7 billion.

During the company’s quarterly earnings call, CEO Lisa Su championed the company success in the PC and server markets largely on the backs of the company’s Ryzen and EPYC processor families.

“We set a new all-time record for annual server processor revenue,” she said. “Server processor sales more than doubled year over year, and our overall data center sales are now a high-teens percentage of our total annual revenue.”

Su said that strong cloud adoption helped fuel AMD’s growth during Q4, with Google, Microsoft, and Tencent all offering AMD-based instances in their public clouds.

“Twenty-eight new public cloud instances launched in the fourth quarter from Alibaba, AWS, and Oracle,” Su added. “For the year, the number of AMD-powered instances available from the largest cloud providers doubled to more than 200.”

AMD expects to continue this growth into 2021 with the launch of its next-generation server processor Milan later this year.

“Milan production began in the fourth quarter as planned, with initial shipments to cloud and HPC customers,” Su said. “We’re on track to launch our third-generation EPYC Milan processors in March with a strong ecosystem of support.”

AMD teased the performance of its upcoming data center chips earlier this month during CES where the a 32-core Milan CPU outperformed a 28-core Intel Xeon Scalable processor by 68% in a weather modeling simulation.

While CPUs continued to be a bright spot for the chipmaker, GPU sales remained lumpy during the quarter with graphics revenues declining year over year and increasing in recent quarters. This was largely due to the timing of AMD’s 6000-series consumer GPUs and the launch of the MI100 Instinct data center GPUs.

“We’re making strong progress on our data-center GPU hardware roadmap and expanding our software ecosystem in preparation for the launch of the first exascale supercomputer in the United States, the all AMD-powered Frontier System, planned to go online later this year at Oak Ridge National Laboratory,” she said.

The fourth quarter of 2020 was another record quarter for AMD with the company’s revenues growing 53% year over year and 16% over the previous quarter to $3.24 billion. Meanwhile, net incomes grew by an even stronger margin, up nearly 950% year over year to $1.78 billion.

“2020 was an outstanding year for AMD. Our industry-leading product portfolio and market share gains drove record annual and quarterly revenue, with full-year revenue growth of 45%. We also achieved record, annual net income and free cash flow,” said AMD CFO Devinder Kumar on the earnings call.

Strong performance during the quarter helped to drive full-year revenues to a record $9.7 billion, an increase of 45% over 2019. Likewise net income for 2020 grew 630% to $2.49 billion.

Looking to the 2021 outlook, Kumar said the company is targeted a full-year growth of 37%, “driven by growth in all businesses.”

As for the immediate quarter, AMD is projecting revenues to top $3.2 billion in Q1 2021, an increase of 79% year over year, and a slight decline from Q4.

Su expects a “high-performance computing mega cycle, driven by growing adoption of cloud computing services, accelerating digital transformation of industries and experiences, the transition to exascale supercomputing, and the mainstream adoption of AI,” to propel AMD's grow going into the new fiscal year.

“Against this backdrop, we're very confident we have the right long-term strategy and capabilities to deliver a strong cadence of leadership products and make AMD the premier technology growth franchise,” she added. “Longer term, our strategic acquisition of Xilinx further strengthens our technology capabilities and positions as well for growth across a broader set of markets.”