Micron Technology, Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Record quarterly revenue of $8.6 billion, up 11% sequentially and 16% year-over-year.
  • Strong profitability with $1.3 billion in free cash flow.
  • Record revenues achieved in automotive, industrial, networking, and SSD segments.
  • NAND business reached record quarterly revenue; 176-layer and 232-layer NAND ramps progressing well.
  • 1-alpha DRAM node is Micron’s largest DRAM node shipped; 1-beta ramp remains on track for late calendar 2022.

Operational and Technology Update

  • Despite COVID‑19 disruptions in China, Micron delivered record assembly output in Q3.
  • Cost reductions expected to outpace the industry due to:
    • Improved fab productivity
    • Advanced node transitions (1-alpha DRAM, 176-layer NAND)
  • China lockdowns negatively impacted both demand and supply, but long‑term secular trends (AI, EV, 5G, cloud) remain strong.

End-Market Performance

  • Data Center:
    • Revenue up double digits sequentially and over 50% year-over-year.
    • Strong cloud demand, though some enterprise OEMs are reducing inventories.
    • Data center SSD revenue more than doubled YoY.
  • Client (PC):
    • Mid-teens sequential revenue growth in Q3.

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Operator: Thank you for standing by, and welcome to Micron Technology’s Fiscal Third Quarter 2022 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 call over to Farhan Ahmad, Vice President, Investor Relations. Farhan Ahmad: Thank you, and welcome to Micron Technology’s fiscal third quarter 2022 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 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 financial conferences that we will be attending. You can also follow us on Twitter at MicronTech. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, our expec

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