Semiconductors
Micron Q4: Data Center Drives Beat, Profitability Soars
Micron beat estimates on the top and bottom line in Q4, driven by strength in data center DRAM/HBM and a record for NAND. In addition, the company’s Q1 guide far exceeded consensus estimates. Margins expanded sequentially primarily due to HBM and operating cash flow also saw significant sequential growth (whereas free cash flow was much lower due to higher capex). Management said they “forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability in fiscal 2025.” Driven by strong HBM demand, management added that its “mix of data center revenue reached a record level in fiscal 2024, and we expect will grow significantly from here in fiscal 2025.”
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