Micron Technology, Inc. Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Revenue reached approximately $4.8 billion, hitting the high end of guidance. This is down 7% from the previous quarter and down 18% year-over-year.
  • Micron achieved its 13th consecutive quarter of positive free cash flow ($63 million), demonstrating stronger cycle resilience than historical norms.
  • COVID-19 began to impact results mid-quarter, driving both operational challenges and shifts in demand.
  • Despite disruptions, manufacturing operations remained intact due to early global precautions.

COVID-19 Operational & Demand Impacts

  • Micron instituted work‑from‑home, travel bans, health checks, quarantines, onsite separation protocols, and increased supply‑chain resiliency.
  • Brief shutdowns occurred in Malaysian assembly/test facilities, now operating on limited basis.
  • China demand declined early in the quarter (smartphones, autos), while data center demand surged due to gaming, e‑commerce, and remote work.
  • Global ramp‑up of stay‑at‑home activity is driving increased data center and commercial notebook demand.
  • Smartphone, consumer electronics, and automotive demand expected to remain weaker through the second half of fiscal 2020 versus prior expectations.

Technology & Product Progress

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Operator: Ladies and gentlemen, thank you for standing by. And welcome to Micron Technology's Fiscal Second Quarter 2020 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] Please be advised that today's conference may be recorded. [Operator Instructions] I would now like to hand the conference over to your host, Head of Investor Relations at Micron Technologies, Farhan Ahmad. Sir, please go ahead. Farhan Ahmad: Thank you, and welcome to Micron Technology's fiscal second quarter 2020 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 can 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 financ

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