Q1 2025 Micron Technology Inc Earnings Call Transcript
Key Points
- Micron Technology Inc (MU) achieved record revenue in fiscal Q1 2025, with revenue, gross margins, and EPS all at or above the midpoint of guidance.
- Data center revenue grew over 400% year over year and 40% sequentially, reaching a record level with data center revenue mix surpassing 50% of total revenue.
- HBM shipments were ahead of plan, with more than a sequential doubling of HBM revenue, and the company expects robust growth in the HBM market over the next few years.
- Micron finalized an agreement with the US Department of Commerce for an award of up to $6.1 billion under the CHIPS and Science Act to support advanced DRAM manufacturing.
- The company is on track to achieve its HBM targets and expects to deliver a substantial record in revenue, significantly improved profitability, and positive free cash flow in fiscal 2025.
- Fiscal Q2 bit shipment outlook is weaker than previously expected due to more pronounced customer inventory reductions.
- NAND revenue decreased 5% sequentially, with bit shipments and prices both decreasing in the low single-digit percentage range.
- The PC refresh cycle is unfolding more gradually, with expectations for flattish PC unit volume growth in calendar 2024.
- Lower-than-expected automotive unit production and a shift toward value-trim vehicles have slowed memory and storage content growth.
- NAND industry conditions are expected to impact fiscal Q2 gross margins, with underloading affecting fiscal Q3 gross margins.
Thank you for standing by and welcome to Micron Technology's fiscal first quarter 2025 financial conference 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, Satya Kumar, Corporate Vice President, Investor Relations and Treasury. Please go ahead, sir.
Thank you and welcome to Micron Technologies fiscal first quarter 2025 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
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