Financial Results
- Micron reported revenue of $6.81 billion, beating the expected $6.67 billion. Adjusted earnings per share was $0.62, surpassing the expected $0.51.
- DRAM revenue was $4.7 billion, up 13% sequentially. Bit shipments declined in the mid-single-digit percentage range while prices increased by approximately 20%.
- NAND revenue was $2.1 billion, up 32% sequentially. Bit shipments increased in the high-single-digit percentage range and prices increased by approximately 20%.
- Compute and Networking Business Unit: $2.6 billion, representing an 18% sequential increase.
- Mobile Business Unit: $1.6 billion, representing a 1% sequential decrease.
- Embedded Business Unit: $1.3 billion, representing a 16% sequential increase.
- Storage Business Unit: $1.4 billion, representing a 50% sequential increase.
AI Demand Driving Growth
- Micron is benefiting from strong demand for its memory chips, particularly high-bandwidth memory (HBM) used in AI applications. The company revealed its entire HBM inventory for 2024 is already booked, with a significant portion of 2025 production also accounted for. Micron’s CEO highlighted the 50% quarter-over-quarter growth in the company’s data center business, driven by AI.
Outlook and Guidance
- Micron expects earnings per share of $1.00 on revenue of $7.6 billion, slightly above analyst estimates.
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