Micron Technology, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Record fiscal 2022 revenue of $30.8 billion, up 11% year-over-year, despite a sharp downturn late in the year.
  • Q4 revenue of $6.6 billion, down 23% sequentially and 20% year-over-year, driven by weakening consumer demand and customer inventory corrections.
  • Record revenue achieved in mobile, auto, industrial, networking, SSD, and consolidated NAND businesses for the full year.
  • Significant progress on technology leadership with ramp of 1-alpha DRAM, 176-layer NAND, and introduction of 232-layer NAND (industry-first >200 layers).
  • Announced long-term U.S. manufacturing investments up to $40 billion through 2030, enabled by CHIPS Act support.

Market Environment

  • Memory demand deteriorated sharply in calendar 2022 due to China lockdowns, Ukraine war, inflation, and broad customer inventory reductions.
  • DRAM bit demand expected to grow low-to-mid single digits in 2022 (well below historical mid-teens).
  • NAND bit demand expected to grow slightly above 10% in 2022 (below long-term ~28%).
  • Micron expects demand to rebound starting calendar Q2 2023 as inventories normalize.
  • Industry DRAM supply growth in 2023 expected to be mid-single digits, the lowest on record.

Operational and Strategic Actions

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Operator: Thank you for standing by, and welcome to Micron's Fiscal Fourth Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program may be recorded. And now, I'd like to introduce your host for today's program Farhan Ahmad, Vice President, Investor Relations. Please go ahead, sir. Farhan Ahmad: Thank you, and welcome to Micron Technology's fiscal fourth 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 the 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, which we may be attending. You can also follow us on Twitter at MicronTech. As a reminder, the matters we are discussing today includes forward-looking statements regarding market demand and s

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