Micron Technology announced its financial results for the first quarter of fiscal 2025, which ended November 28, 2024. The company reported a record quarterly revenue of $8.71 billion, meeting Wall Street estimates and representing an 84% increase year-over-year. Adjusted earnings per share came in at $1.79, surpassing the average analyst estimate of $1.75.
A key driver of performance was the data center segment, which saw revenue grow over 40% sequentially and more than 400% year-over-year, accounting for over 50% of total revenue for the first time. This highlights the robust demand for Micron's memory solutions in AI-driven applications.
However, Micron's guidance for the second quarter of fiscal 2025 fell below market expectations. The company projected revenue of $7.9 billion, plus or minus $200 million, compared to analyst estimates of $8.98 billion. Adjusted EPS guidance was set at $1.43, plus or minus $0.10, below the $1.91 anticipated by analysts.
CEO Sanjay Mehrotra acknowledged that consumer-oriented markets, including personal computers and smartphones, are experiencing near-term weakness and inventory adjustments, impacting NAND product demand and memory chip prices. Despite this, he expressed anticipation for a return to growth in these segments during the second half of the fiscal year, emphasizing Micron's strategic focus on high-margin markets and AI-driven opportunities.
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