Micron Technology, Inc. (MU) Q1 2024 Earnings Call Transcript Summary

By / / Micron Technology

The following is a summary of the Micron Technology, Inc. (MU) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • In Q1 2024, Micron reported total revenue of approximately $4.7 billion, up 18% sequentially and 16% YoY.
  • DRAM revenue stood at $3.4 billion, reflecting a sequential increase of 24%.
  • NAND revenue for Q1 was $1.2 billion, a 2% sequential increase.
  • The company reported an operating loss of $955 million and a non-GAAP loss per share of $0.95.
  • Micron’s negative free cash flow reached $333 million.
  • For Q2 2024, Micron expects its revenue to be approximately $5.3 billion with a gross margin of around 13%.

Business Progress:

  • Micron’s strong portfolio is placed in high demand sectors such as PCs, smartphones, and data centers, maintaining supply discipline.
  • The growth from deployment of AI and advancement in product development positions Micron to leverage AI’s growth.
  • Growing optimism regarding HBM due to its potential high-demand applications, expecting a CAGR of over 50%.
  • Achieved significant milestones in transitioning from floating gate to replacement gate technology in NAND, contributing to its data center SSD strength.
  • Forecasted improvement in the memory and storage environment throughout 2024 and projects a return to operating income in Q3, with expectations of positive cash flow in Q4.
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