Sanjay Mehrotra, President and CEO of Micron Technology (MU), presented at Bernstein’s Strategic Decisions Conference, significantly raising the company's FYQ3 guidance. MU raised revenue guidance $5.2-5.4 billion versus the guidance provided in March of $4.6-5.2 billion. Non-GAAP gross margin was raised to 33-34% (vs. 31% ±1.5% previously) and Non-GAAP EPS $0.75-0.80 (vs. $0.40-0.70 previously).
Mehrotra made three key statements, which I quote, that will affect the memory market and capital expenditure (capex) for FY3Q 2020 and beyond.
1.“Of course COVID impacted the industry, COVID impacted the industry demand, as we have spoken about