Micron Technology, Inc. (MU) Q2 2023 Earnings Call Transcript

Micron Technology, Inc. (NASDAQ:MU) Q2 2023 Earnings Conference Call March 28, 2023 4:30 PM ET

Company Participants

Farhan Ahmad - VP, IR

Sanjay Mehrotra - CEO, President & Director

Mark Murphy - EVP & CFO

Conference Call Participants

Christopher Muse - Evercore ISI

Timothy Arcuri - UBS

Christopher Danely - Citigroup

Harlan Sur - JPMorgan Chase & Co.

Toshiya Hari - Goldman Sachs Group

Aaron Rakers - Wells Fargo Securities

Joseph Moore - Morgan Stanley

Hadi Orabi - TD Cowen

Operator

Thank you for standing by, and welcome to Micron's Second Quarter 2023 Financial Call. [Operator Instructions].

I would now like to introduce your host for today's program, Farhan Ahmad, Vice President, Investor Relations. Please go ahead, sir.

Farhan Ahmad

Thank you, and welcome to Micron Technology's Fiscal Second Quarter 2023 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our President and CEO, and Mark Murphy, our CFO. Today's call is being webcast from our Investor Relations site at investors.micron.com, including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with the prepared remarks for this call.

Today's discussion of financial results is presented on a non-GAAP financial basis, unless otherwise specified. A reconciliation of GAAP to non-GAAP financial measures may be found on our website. We encourage you to visit our website at micron.com throughout the quarter for the most current information on the company, including information on financial conferences that we may be attending. You can also follow us on Twitter, @MicronTech.

As a reminder, the matters we are discussing today include forward-looking statements regarding market demand and supply, our expected results and other matters. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the statements made today. We refer you to the documents we filed with the SEC, including our most recent Form 10-K and 10-Q, for a discussion of the risks that may affect our future results. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

I'll now turn the call over to Sanjay.

Sanjay Mehrotra

Thank you, Farhan. Good afternoon, everyone. Micron delivered fiscal second quarter revenue within our guidance range, and excluding the impact of inventory write-downs, margins and EPS were also within the guidance range. The semiconductor memory and storage industry is facing its worst downturn in the last 13 years with an exceptionally weak pricing environment that is significantly impacting our financial performance. We have taken substantial supply reduction and austerity measures, including executing a company-wide reduction in force.