Micron Technology, Inc. Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Micron reported revenue of $6.24 billion, up 8% quarter-over-quarter and 30% year-over-year, driven by strong demand across data center, mobile, PC, automotive, and industrial markets.
  • DRAM market is in severe shortage; NAND shows near-term stabilization.
  • Record revenue achieved in mobile MCPs and automotive products.
  • 1-alpha DRAM and 176-layer NAND entered volume production, reinforcing Micron's technology leadership.
  • Inventory returned to normal levels earlier than expected, enabling flexibility in meeting demand.

Technology and Operational Updates

  • Mitigated impacts from pandemic, supply chain constraints, and Taiwan fab disruptions.
  • Actively managing water shortages in Taiwan; no production impact expected for now.
  • Exited 3D XPoint development to reallocate R&D toward CXL-based memory products; Lehi fab is being sold in 2021.
  • Achieved record QLC NAND bit mix; sampling 1-alpha DDR4, LPDRAM, and 176-layer NAND across product lines.

End-Market Performance

  • Data Center: Enterprise DRAM bit shipments grew sharply QoQ, though still down YoY; cloud DRAM also grew QoQ. Data center SSD revenue declined due to inventory digestion.
  • PC: Record PC DRAM shipments driven by remote work and Chromebook strength.

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Operator: Good afternoon. My name is Latif and I will be your conference facilitator today. At this time, I would like to welcome everyone to Micron's Second Quarter 2021 Financial Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker remarks, there will be a question-and-answer period. [Operator Instructions] Thank you. It is now my pleasure to turn the floor over to your host, Farhan Ahmad, Vice President of Investor Relations. You may begin your conference. Farhan Ahmad: Thank you, and welcome to Micron Technology's fiscal second 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 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 the 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 financial conferen

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