Micron Technology, Inc. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Micron reported strong revenue and earnings, outperforming prior guidance.
  • Total revenue was approximately $5.8B, down 5% quarter-over-quarter but up 12% year-over-year. Adjusted for the prior quarter’s extra week, revenue increased 3% sequentially.
  • DRAM and NAND pricing and demand exceeded expectations despite industry-wide component shortages affecting customer production.
  • The company highlighted record automotive revenue and strong graphics, client, mobile, and consumer demand.

Operational Events and Impacts

  • Two major events impacted DRAM production:
    • A December 3 power outage at the Taoyuan facility.
    • A December 10 earthquake (6.7 magnitude) affecting both Taoyuan and Taichung operations.
  • These events reduced available DRAM supply and increased short‑term costs for fiscal Q2. Impacts are included in guidance.

Technology & Product Highlights

  • Micron began shipping the industry’s most advanced 176‑layer NAND, with significant power efficiency and write performance improvements over prior generations.
  • Strong progress on 1-alpha DRAM node; volume production expected in 1H 2021. Provides 40% more bits per wafer vs. 1z.
  • Revenue shipments began for HBM2E, strengthening Micron’s data center/AI positioning.

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Operator: Ladies and gentlemen, thank you for standing by. And welcome to Micron Technology's Fiscal First Quarter 2021 Financial Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session [Operator Instructions]. It is now my pleasure to introduce Farhan Ahmad, Vice President Investor Relations. Farhan Ahmad: Thank you. And welcome to Micron Technology's fiscal first quarter 2021 financial conference call. On the call with me today are Sanjay Mehrotra, President and CEO; and Dave Zinsner, Chief Financial Officer. Today's call will be approximately 60 minutes in length. This call, including the audio and slides, is also being webcast from our Investor Relations Web site at investors.micron.com. In addition, our Web site contains the earnings press release and the prepared remarks filed a short while ago. Today's discussion of financial results will be presented on a non-GAAP financial basis unless otherwise specified. A reconciliation of the GAAP to non-GAAP financial measures may be found on our Web site. As a reminder, a webcast replay will be available on our Web site later today. We encourage you to monitor our Web site at micron.com throughout the quarter for the most current information on the company, including information on the various conferences that we will be attending. You can follow us on Twitter at MicronTech. As a reminder, the matters we will be discussing today inclu

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