■ FY2025 Q2 Earnings Summary
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Revenue: $8.05 billion (YoY +38.3%)
→ In line with market consensus of $7.91 billion -
EPS: $1.56 (YoY +271.4%)
→ Beats consensus estimate of $1.43 by 9%
■ Positive Forward Guidance
-
Q3 Revenue Guidance: $8.8 billion
→ 3.5% above market consensus -
Q3 EPS Guidance: $1.57
→ 6.1% above expectations
■ Slight Weakness in Gross Margin
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Current Gross Profit Margin (GPM): 37.9% (QoQ -1.6%)
-
Q3 GPM Guidance: 36.5%
→ Below consensus estimate of 37.4%
§ Reason:
Reduced utilization of NAND fabs led to operational losses,
which offset some of the positive impact from increased HBM sales.
■ Full Entry into the HBM Market
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Quarterly HBM revenue exceeded $1 billion for the first time
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HBM TAM (Total Addressable Market): Raised from $30B to $35B
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HBM3e 12-layer products: Currently undergoing smooth certification
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Capex: Primarily allocated to expanding HBM capacity and long-term fab planning
■ Summary & Outlook
✔️ Micron exceeded earnings expectations with solid top and bottom line growth
✔️ The company demonstrated real traction in the high-bandwidth memory (HBM) market
✔️ Although gross margin declined in the short term,
✔️ Micron is well-positioned to lead the HBM space in the mid-to-long term