Micron Q1: Data Center Revenue Surges 40% QoQ but Consumer Weak

Micron reported surging data center growth up 400% YoY and 40% QoQ, with data center revenue mix surpassing 50% of Micron’s revenue for the first time. The Compute and Networking Business Unit reported revenue growth of 46% QoQ and was up 153% YoY for revenue of $4.4 billion. Despite Micron’s data center revenue surging this quarter, the comments about the consumer recovery taking longer tanked the stock. Management is expecting these segments to resume around May of next year, which clearly wasn’t strong enough commentary to sustain the stock after hours.

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