Micron Technology, Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Revenue: $4.0B, up 7% sequentially but down 40% year-over-year (YoY).
  • Gross Margin: -9%, improving 7 percentage points sequentially; still down significantly YoY due to pricing, utilization costs, and inventory write-downs.
  • EPS: Non-GAAP loss per share of $1.07, improved from last quarter’s loss of $1.43.
  • Management said pricing has bottomed, with recovery expected through fiscal 2024.
  • Micron expects record industry TAM in 2025, returning to normalized profitability levels.

Full-Year Fiscal 2023 Results

  • Total Revenue: $15.5B, down 49% YoY due to a severe memory/ storage downturn.
  • DRAM Revenue: $11B, down 51% YoY; 71% of total revenue.
  • NAND Revenue: $4.2B, down 46% YoY; 27% of total revenue.
  • Gross Margin: -8%, down 54 percentage points YoY.

Business Unit Highlights (Sequential Trends)

  • Compute & Networking (Data Center): $1.2B, down 14%. Weak demand, CAC China ban still a headwind. Growth expected in fiscal Q1.
  • Mobile: $1.2B, up 48% driven by seasonal demand and shipment timing.
  • Embedded (Auto/Industrial/Consumer): $860M, down 6% as auto/industrial softened.
  • Storage: $739M, up 18%, with record NAND bit shipments.

Market & Technology Highlights

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Thank you for standing. Welcome to Micron's Fourth Quarter 2023 Financial Call. [Operator Instructions] As a reminder, today's program is being recorded. And now, I'd like to introduce your host for today's program, Samir Patodia, Investor Relations. Please go ahead, sir. Samir Patodia: Thank you, and welcome to Micron Technology's fiscal fourth quarter 2023 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 non-GAAP to 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 follow us on X at MicronTech. As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, our expected results, and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from statements made today. We

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional