Micron Technology, Inc. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Revenue was $4.7B, up 18% sequentially and 16% year-over-year, exceeding guidance.
  • Gross margin improved to ~1%, up 10 percentage points from the prior quarter due to higher pricing, mix shift toward DRAM, and lower inventories.
  • Non-GAAP EPS was a loss of $0.95, improving from a loss of $1.07 in the prior quarter but down from a $0.04 loss a year ago.
  • Micron highlighted that the memory industry is at the early stages of a multi-year AI-driven growth cycle with strong pricing momentum.

Key Business Drivers

  • AI as the major secular demand driver: Memory content in AI GPUs and accelerators continues to expand. HBM (High Bandwidth Memory) demand is strong, with Micron’s HBM3E offering cited as industry-leading.
  • Customer inventories normalized across PC, mobile, automotive, and industrial; data center inventory expected to normalize in the first half of calendar 2024.
  • Leading-edge nodes oversubscribed for the year (1-alpha and 1-beta DRAM; 176-layer and 232-layer NAND).

Segment Performance

  • DRAM: $3.4B revenue (73% of total), up 24% sequentially. Bit shipments rose low-20s%, pricing up low-single digits.

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Operator: Thank you for standing by, and welcome to Micron Technology's First Quarter 2024 Financial Results Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Satya Kumar, Investor Relations. Please go ahead. Satya Kumar: Thank you, and welcome to Micron Technology's Fiscal First Quarter 2024 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 from 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 can 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 financial conferences that we may be attending. You can also follow us on X at MicronTech. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, market trends and drivers, ou

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