Companies /Technology

Micron Technology Inc

NASDAQ: MU Semiconductors
$975.26
▼ $2.15 (−0.22%) today
Markets closed · 10:52am ET

Q1 2025 Earnings

Reported Dec 18, 2024, 4:00pm ET · SEC source
$1.79
Beat +1.13%
EPS · est. $1.77
$8.7B
Beat +0.03%
Revenue · est. $8.7B
+14.8%
Beating market
MU vs S&P since report
8 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+9%+18%+27%Dec 18Dec 19report 4:00pm ETearnings−0.0%−0.9%
0+9%+18%+27%Dec 18Dec 19earnings−0.0%−0.9%
MU −0.9%S&P 500 −0.0%
0+9%+18%+27%Dec 18Dec 19report 4:00pm ETearnings−0.3%−0.9%
0+9%+18%+27%Dec 18Dec 19earnings−0.3%−0.9%
MU −0.9%NASDAQ −0.3%
−9%0+9%+18%Dec 17Dec 26report 4:00pm ETearnings+2.5%−2.5%
−9%0+9%+18%Dec 17Dec 26earnings+2.5%−2.5%
MU −2.5%S&P 500 +2.5%
−9%0+9%+18%Dec 17Dec 26report 4:00pm ETearnings+2.6%−2.5%
−9%0+9%+18%Dec 17Dec 26earnings+2.6%−2.5%
MU −2.5%NASDAQ +2.6%
−16.18%
Day of report
+3.48%
Next session
+1.77%
One week
+18.49%
30 days

S&P 500 over the same 30 days: +3.73%.

Did MU Beat Earnings? Q1 2025 Results

Micron Technology posted a strong fiscal first quarter, beating Wall Street expectations on both the top and bottom lines even as shares fell sharply after the company issued softer-than-expected forward guidance. For the quarter ended November 28, 2024, the memory chipmaker reported non-GAAP diluted EPS of $1.79, edging past the $1.77 consensus estimate by 1.18%, while revenue of $8.71 billion matched and narrowly beat estimates by 0.03%, representing an 84.3% surge from the year-ago period. The engine behind that dramatic growth was data center demand tied to AI infrastructure, with that segment crossing 50% of total revenue for the first time and growing more than 400% year over year. GAAP net income reached $1.87 billion, compared to a loss of $1.23 billion a year ago, while gross margin expanded to 38.4% from negative 0.7%. Looking ahead, Micron guided Q2 revenue of $7.90 billion and non-GAAP EPS of $1.43, reflecting near-term softness in consumer markets, though management anticipates a recovery in the second half of fiscal 2025 as AI-driven demand continues to build.

Key Takeaways
  • Strong AI demand driving data center revenue growth over 400% year over year
  • Data center revenue surpassed 50% of total revenue for the first time
  • Significant gross margin expansion from negative 0.7% to 38.4% GAAP year over year
  • Gains in highest margin and strategically important parts of the memory market

“Micron delivered a record quarter, and our data center revenue surpassed 50% of our total revenue for the first time. While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year. We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders.”

Micron Technology CEO, on the earnings call

Forward Guidance & Outlook

For fiscal Q2 2025, Micron guided revenue of $7.90 billion ± $200 million, GAAP gross margin of 37.5% ± 1.0%, non-GAAP gross margin of 38.5% ± 1.0%, GAAP diluted EPS of $1.26 ± $0.10, and non-GAAP diluted EPS of $1.43 ± $0.10. Management noted that consumer-oriented markets are weaker in the near term but anticipates a return to growth in the second half of fiscal 2025, driven by continued AI-related demand.

MU YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$0$3.0B$6.0B$9.0B$4.7B$8.7BRevenue$34.3M$3.3BGross Profit$553.6M$2.2BOperating Income$531.9M$1.9BNet Income
$0$3.0B$6.0B$9.0BRevenueGross ProfitOperating IncomeNet Income

MU Revenue by Segment

Cloud Memory
Core Data Center
Mobile and Client
Automotive and Embedded

Figures from SEC filings and company reports. Not investment advice.