Micron Technology Inc Q1 2023 Earnings Call Summary

Edited Brief of MU.OQ earnings conference call or presentation 21-Dec-22 9:30pm GMT

...A. Highlights: Delivered revenue and EPS within guidance range despite pricing environment, which deteriorated significantly from Co.'s prior call. 1. Industry is experiencing the most severe imbalance between supply and demand in both DRAM and NAND in last 13 years. a. 2. MU is exercising supply discipline by making significant cuts to CapEx and wafer starts while maintaining competitive position. 3. Taking measures to cut costs and OpEx across the Co. 4. Customer inventory, which is impacting near term demand is expected to continue improving. Expects most customers to have reduced inventory to relatively healthy levels by mid-2023. a. 5. Expects 2H23 revenue to improve vs. 1H23. 6. Expects days of inventory to peak in 2Q23 and gradually improve over the next few quarters as bit shipments improve, and supply growth is significantly reduced. Despite this improving bit shipment and revenue trajectory, Co. expects industry profitability to remain challenged through 2023. a. 7. Combination...

Brief