Micron Technology, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Revenue: $7.8B, up 1% QoQ and 25% YoY.
  • DRAM revenue: $5.7B (73% of total), up 2% QoQ and 29% YoY.
  • NAND revenue: $2.0B (25% of total), up 4% QoQ and 19% YoY.
  • Gross margin: 47.8%, up ~80 bps QoQ and significantly above year‑ago levels.
  • EPS (non-GAAP): $2.14 vs. $2.16 in Q1; more than double the $0.98 in Q2 2021.
  • Free cash flow: Over $1B; cash from operations was $3.6B.
  • Record SSD revenue, data center SSD revenue doubled YoY.
  • Automotive market revenue hit an all‑time high.
  • Company expects record revenue for full fiscal 2022.

Business Unit Performance

  • Compute & Networking: $3.5B, up 2% QoQ and 31% YoY; strong cloud and client DRAM demand.
  • Mobile: $1.9B, down 2% QoQ but up 4% YoY; supported by 5G adoption.
  • Storage: $1.2B, up 2% QoQ and 38% YoY; SSD revenue up ~80% YoY.
  • Embedded: $1.3B, up 5% QoQ and 37% YoY; strong automotive and industrial growth.

Technology & Operational Updates

  • 1-alpha DRAM and 176-layer NAND made up majority of bit shipments in the quarter.
  • Micron remains several quarters ahead of the industry in DRAM/NAND node ramping.
  • DDR5 leadership: strong DDR5 demand with pricing premiums; transition accelerating in 2023.

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Operator: Thank you for standing by, and welcome to Micron Technology's Fiscal Second Quarter 2022 Financial Conference Call. [Operator Instructions] Please be advised that today's call may be recorded. [Operator Instructions] I would now like to hand the call over to Farhan Ahmad, Head of Investor Relations. Farhan Ahmad: Thank you, and welcome to Micron Technology's Fiscal Second Quarter 2022 Financial Conference Call. On the call with me today are Sanjay Mehrotra, President and CEO; and Sumit Sadana, our Chief Business Officer and Interim CFO. Today's call is approximately 60 minutes in length and 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 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 will be attending. You can also follow us on Twitter, @MicronTech. As a reminder, the matters we are discussing today include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ ma

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