Micron Technology, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Micron reported strong fiscal Q1 2022 results with revenue of approximately $7.7 billion, up 33% year-over-year but down 7% sequentially due largely to non-memory component shortages at customers.
  • Gross margin reached 47%, down ~85 bps sequentially but significantly higher than just over 30% a year ago.
  • Non-GAAP EPS was $2.16, up from $0.78 last year but down from $2.42 in fiscal Q4.
  • The company reiterated expectations for record fiscal 2022 revenue and strong profitability, with improving bit shipments and easing non-memory supply shortages through calendar 2022.
  • Strong progress continued in advanced nodes: 1-alpha DRAM and 176-layer NAND now represent the majority of Micron’s DRAM and NAND bit production.

Business & End Market Performance

  • Data Center revenue grew over 70% year-over-year, supported by cloud strength and enterprise spending recovery.
  • Client PC revenue declined sequentially due to component shortages but is stabilizing; full-year PC unit shipments expected to be in line with 2021.
  • Graphics revenue increased sequentially and year-over-year; Micron’s GDDR6X is featured in NVIDIA high-end GPUs and AMD Radeon RX 6000.
  • Mobile revenue grew more than 25% year-over-year as 5G phones continue to drive higher DRAM and NAND content.

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Operator: Hello. Thank you for standing by, and welcome to Micron's First Quarter 2022 Financial Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference may be recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Farhan Ahmad, Vice President of Investor Relations. Please go ahead. Farhan Ahmad: Thank you, and welcome to Micron Technology's fiscal first-quarter 2022 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 website at investors.micron.com. In addition, our website 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 GAAP to non-GAAP financial measures may be found on our website. As a reminder, a webcast replay will be available on our website later today. We encourage you to monitor our website at micron.com throughout the quarter for the most current information on the Company, including information on the various financial conferences that we will be attending. You can

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