Micron Technology, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Micron delivered fiscal Q1 2023 results within guidance despite rapidly deteriorating pricing conditions in DRAM and NAND.
  • The memory industry is experiencing its most severe supply-demand imbalance in 13 years.
  • Micron is aggressively reducing supply, CapEx, and operating expenses to navigate the downturn while protecting long‑term technology leadership.

Financial Performance (Compared to Prior Periods)

  • Total Revenue: $4.1B
    • Down 39% sequentially (vs. Q4 2022).
    • Down 47% year-over-year.
  • DRAM Revenue: $2.8B (69% of revenue)
    • Down 41% Q/Q.
    • Bit shipments: down mid‑20% range.
    • Pricing: down low‑20% range.
  • NAND Revenue: $1.1B (27% of revenue)
    • Down 35% Q/Q.
    • Bit shipments: down mid‑teens %.
    • Pricing: down low‑20% range.
  • Gross Margin: 22.9%
    • Down ~17 percentage points from Q4 2022 due to pricing pressure.
  • Operating Margin: -2%
    • Down from +25% (Q4 2022) and +35% (Q1 2022).
  • EPS (Non‑GAAP): -$0.04
    • Down from +$1.45 in Q4 2022.

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Operator: Good day, and welcome to Micron's First Quarter 2023 Financial Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Farhan Ahmad, Head of Investor Relations. Please go ahead. Farhan Ahmad: Thank you, and welcome to Micron Technology's Fiscal First Quarter 2023 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our President and CEO; and Mark Murphy, our CFO. Today's call is being webcast on our Investor Relations site at investors.micron.com including audio and slides, in addition, the press release detailing our quarterly results has been posted on the website along with the prepared remarks for this call. Today's discussion of financial results is 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. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the Company, including information on the financial conferences that we may be attending. You can follow us on Twitter at MicronTech. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, our expected results and other matters. These forwa

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