Micron Technology, Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance (Compared to Prior Periods)

  • Revenue was $5.8 billion, up 23% quarter-over-quarter (QoQ) and 58% year-over-year (YoY).
  • Micron returned to profitability a quarter earlier than expected, posting a 4% operating margin.
  • Non-GAAP EPS was $0.42, compared to a loss of $0.95 in Q1 and a loss of $1.91 YoY. Results included a $0.34 tax benefit.
  • Gross margin rose to 20%, up sharply from 1% in Q1, driven by stronger pricing and $382 million in benefits from selling written‑down inventory.

Key Drivers & Market Conditions

  • Strong AI server demand tightened supply, driving robust price increases across DRAM and NAND.
  • HBM (High Bandwidth Memory) demand surged, consuming roughly 3× the wafer supply of DDR5 and creating supply constraints in traditional memory.
  • Customer inventories in data center have normalized as expected; PC and smartphone inventories are stable.
  • Micron expects DRAM and NAND pricing to increase through calendar 2024.

Technology & Product Highlights

  • Over 75% of DRAM bits now on advanced 1-alpha and 1-beta nodes; over 90% of NAND bits on 176‑layer and 232‑layer nodes.
  • HBM3E volume production began in Q2; demand extremely strong with 2024 supply fully sold out and most of 2025 already allocated.

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Operator: Thank you for standing by, and welcome to Micron's Second Quarter 2024 Financial Call. At this time, all participants are in a 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, Corporate Vice President, Investor Relations and Treasurer. Please go ahead, sir. Satya Kumar: Thank you, and welcome to Micron Technology's Fiscal Second 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 being 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, marke

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