Micron Technology (MU, Financial) shares fell about 7% on Friday morning trading despite strong fiscal Q2 2025 results that surpassed expectations.
The chipmaker posted record revenue from high-bandwidth memory as demand outpaced supply. However, pricing pressures in NAND and consumer-focused segments pulled its consolidated gross margin down to 37.9%, a decline of 160 basis points sequentially.
Chief Financial Officer Mark Murphy said a high-value mix shift in the DRAM portfolio helped ease some margin pressures, though the company forecasts a lower Q3 gross margin amid higher consumer volumes. Needham analyst N. Quinn Bolton noted that management's guidance for fiscal Q3 non-GAAP gross margin is 36.5%, below both its estimate of 38.5% and the Street's 37.4% forecast, due to persistent challenges in the NAND market and the impact of higher cost inventory.
Micron's high-bandwidth memory revenue jumped 50% to exceed $1 billion, with its HBM3E 8-high and 12-high designs integrated into Nvidia (NVDA, Financial) GB200 and GB300 platforms, respectively.
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