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Micron Technology Reports Results for the First Quarter of Fiscal 2021

Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2021, which ended Dec. 3, 2020. "Micron delivered outstanding fiscal first quarter results, driven by focused execution and strong end-market demand," said Micron Technology President and CEO Sanjay Mehrotra. "We are excited about the strengthening DRAM industry fundamentals. For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge."

SK hynix Inc. Reports Third Quarter 2020 Results

SK hynix Inc. today announced financial results for its third quarter 2020 ended on September 30, 2020. The consolidated revenue of third quarter 2020 was 8.129 trillion won while the operating profit amounted to 1.3 trillion won, and the net income 1.078 trillion won. Operating margin for the quarter was 16% and net margin was 13%.

Despite the Company saw the recovery of mobile DRAM demand in the quarter, both the revenue and operating profit decreased by 6% and 33% quarter-over-quarter (QoQ) respectively, as the server DRAM and SSD demands weakened, and the overall semiconductor memory price flow turned downwards in the quarter. For DRAM, SK hynix proactively responded to rising demands of mobile and graphics DRAM, and the expansion of consumer electronics DRAM demand as well. As a result, in spite of decreased server DRAM demand, the Company's DRAM bit shipment in the quarter still increased by 4% QoQ. However, due to the unfavorable price of server DRAM and other certain DRAM products, the average selling price decreased by 7% QoQ.

Lenovo Delivers Record Results, Fueled by Strong Q2 Growth

Lenovo Group (HKSE: 992) (PINK SHEETS: LNVGY) today announced record Group revenue in the second quarter of US$14.5 billion, up 7% year-on-year and with all businesses showing strong growth. Profit showed even stronger growth, with record pre-tax income of US$470 million, up 52% compared to the same quarter a year earlier, while net income also increased by 53% year-on-year to a record US$310 million. In addition to record quarterly results, Lenovo's financial strength and sustainability has been further validated recently with strong inaugural investment grade ratings from Moody's, Standard & Poor's and Fitch, and a successful global notes offering. Basic earnings per share for the second quarter were 2.59 US cents or 20.08 HK cents. Lenovo's Board of Directors declared an interim dividend of 6.6 HK cents per share.

"Our record results this quarter reflect our ongoing commitment to meeting the needs of the rapidly growing work-, learn-and play-from-home economy. All of our core businesses delivered year-on-year growth, while our Software and Services revenue grew to a new record," said Yuanqing Yang, Lenovo Chairman and CEO. "As the world continues to adjust to the "new normal," we are confident in the long-term growth potential of both devices and cloud infrastructure. We will continue to leverage our core competences of operational excellence and global/local footprint, while accelerating our service-led transformation to better grasp opportunities and drive sustainable growth."

AMD Reports Third Quarter 2020 Financial Results

AMD (NASDAQ: AMD) today announced record revenue for the third quarter of 2020 of $2.80 billion, operating income of $449 million, net income of $390 million and diluted earnings per share of $0.32. On a non-GAAP* basis, operating income was $525 million, net income was $501 million and diluted earnings per share was $0.41.

"Our business accelerated in the third quarter as strong demand for our PC, gaming and data center products drove record quarterly revenue," said Dr. Lisa Su, AMD president and CEO. "We reported our fourth straight quarter with greater than 25 percent year-over-year revenue growth, highlighting our significant customer momentum. We are well positioned to continue delivering best-in-class growth as we further extend our leadership product portfolio with the launches of our next generation Ryzen, Radeon and EPYC processors."

Seagate Technology Reports Fiscal First Quarter 2021 Financial Results

Seagate Technology plc (NASDAQ: STX) (the "Company" or "Seagate") today reported financial results for its fiscal first quarter ended October 2, 2020. "Seagate delivered solid September quarter results supported by strong recovery in the video and image applications market and healthy cloud data center demand, which drove double digit year-over-year revenue growth for our mass capacity storage solutions. We see indications for Enterprise demand to improve and we expect this to continue as the broader markets gradually recover, supporting our positive December quarter outlook and reinforcing our revenue expectations for the fiscal year," said Dave Mosley, Seagate's chief executive officer.

"Demand for data continues to explode, even through this current period of market uncertainty. As a leader in mass data management, Seagate is executing a technology roadmap focused on helping customers put their valuable data to work. We are on track to ship our first HAMR drives for revenue in December, which is an important industry milestone to support the growing need for mass capacity storage. We also have introduced CORTX, an open-source, object-storage software, along with Lyve Rack that together offer enterprises a simple, secure and efficient way to manage massive volumes of data. These developments illustrate our confidence in identifying and capturing future growth opportunities, and we are further underscoring the confidence in our strategy and long-term cash generation abilities with a 3% increase in our quarterly dividend and a $3 billion increase to our existing share repurchase authorization."

Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2020

Micron Technology, Inc. (Nasdaq: MU) announced results for its fourth quarter and full year of fiscal 2020, which ended Sept. 3, 2020. "Micron delivered solid fiscal fourth quarter revenue and EPS resulting from strong DRAM sales in cloud, PC and gaming consoles and an extraordinary increase in QLC NAND shipments," said Micron Technology President and CEO Sanjay Mehrotra. "We look forward to improving market conditions throughout calendar 2021, driven by 5G, cloud and automotive growth, and we are excited by the continued momentum in our product portfolio."

Investments in capital expenditures, net were $2.16 billion for the fourth quarter of 2020 and $7.95 billion for the full year of 2020, which resulted in adjusted free cash flows of $111 million for the fourth quarter of 2020 and $361 million for the full year of 2020. Micron repurchased approximately 824,000 shares of its common stock for $41 million during the fourth quarter of 2020 and 3.6 million shares of its common stock for $176 million during the full year of 2020 and ended the year with cash, marketable investments, and restricted cash of $9.26 billion, for a net cash position of $2.61 billion.

Western Digital Reports Fourth Quarter and Fiscal Year 2020 Financial Results

Western Digital Corp. (Nasdaq: WDC) today reported fourth quarter and fiscal year 2020 financial results. "I am extremely proud of the way our team has navigated the complexities and uncertainties inherent in this unprecedented environment, as we continue to adapt to provide supply continuity and high-quality products to our customers and drive value for our shareholders," said David Goeckeler, Western Digital CEO. "While we continue to navigate through a dynamic environment, we remain focused on managing the business for the long-term, including ramping two important product lines to high volume: our SSD products and our energy-assisted capacity enterprise drives. We will continue to deliver the quality, performance and cost-effectiveness our customers rely on, and I am confident that our end market diversity and breadth, broad customer base, channel reach, and innovative leadership all position Western Digital to benefit from the multi-year growth in data creation and storage."

In the fourth quarter of fiscal 2020, Western Digital's revenue increased 18% year-over-year to $4.3 billion, led by strength within Data Center Devices & Solutions and Client Devices end markets.

Acer Reports Q2 2020 Results: Operating Income NT$2.13 Billion with Record High Margin

Acer Inc. (TWSE: 2353) announced its financial results for the second quarter of 2020: consolidated revenues were NT$65.58 billion; gross profits were NT$7.14 billion with 10.9% margin; operating income was NT$2.13 billion, marking a record high[1] margin of 3.2%; earnings before tax was NT$1.65 billion; and net income was NT$1.20 billion with earnings per share (EPS) of NT$0.40. In the six months ended June 30, 2020, Acer's net income reached NT$1.75 billion, up 57.2% year-on-year (YoY) with EPS of NT$0.58.

In Q2, Acer saw strong business momentum due to work-from-home and distance learning needs in the EMEA (Europe, Middle East, Africa) and Pan America regions, while Pan Asia Pacific continued its recovery from the pandemic lockdown. At the same time, Acer's multiple business engines continued their strong momentum; notable performances in Q2 net income include Acer Cyber Security with 24% growth YoY, Weblink International with 25% growth YoY, and Acer Synergy Tech with 88% growth YoY.

Apple Reports Third Quarter Results

Apple today announced financial results for its fiscal 2020 third quarter ended June 27, 2020. The Company posted quarterly revenue of $59.7 billion, an increase of 11 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.58, up 18 percent. International sales accounted for 60 percent of the quarter's revenue.

"Apple's record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments," said Tim Cook, Apple's CEO. "In uncertain times, this performance is a testament to the important role our products play in our customers' lives and to Apple's relentless innovation. This is a challenging moment for our communities, and, from Apple's new $100 million Racial Equity and Justice Initiative to a new commitment to be carbon neutral by 2030, we're living the principle that what we make and do should create opportunity and leave the world better than we found it."

Seagate Technology Reports Fourth Quarter And Fiscal Year 2020 Financial Results

Seagate Technology plc (NASDAQ: STX) (the "Company" or "Seagate") today reported financial results for its fourth quarter and fiscal year ended July 3, 2020. "The June quarter was led by robust cloud and data center demand, which drove record exabyte shipments for our nearline mass capacity drives and strongly contributed to the Company's overall revenue and solid free cash flow generation. However, continued economic uncertainty and COVID-19 related disruptions impacted demand in other key end markets including video and image applications, mission critical and consumer markets and also impacted profitability as we incurred higher logistics and labor costs which together weighed on our fourth quarter results," said Dave Mosley, Seagate's chief executive officer.

"We are focused on managing the business well and executing on what we can control. Fiscal 2020 marked a strong year of progress as we grew mass capacity storage revenue by 25% and increased our overall revenue. We executed our technology roadmap, strengthened our balance sheet and delivered on our capital return program. Entering fiscal year 2021, the level of macro uncertainty remains high and we will continue to carefully manage our cash and expenses. However, we anticipate demand across our end markets to improve within the next six months and currently model revenue to be fairly flat in fiscal year 2021, supported by the strength of our mass capacity product portfolio. Longer-term, the unabated growth in data at the edge and in the cloud is driving secular demand for mass capacity storage and we believe Seagate's financial strength and innovative product portfolio position us well for these trends."

Logitech Growth Accelerates, Q1 Revenue Up 23%

Logitech International today announced financial results for the first quarter of Fiscal Year 2021. "We delivered an exceptional first quarter and are raising our fiscal year outlook," said Bracken Darrell, Logitech president and chief executive officer. "We grew sales 25% with strong growth in almost every product category. Our company strategy focuses on four long-term trends: more of us will work from home; video calls will replace audio calls; esports will become as big as conventional sports; and billions of people worldwide will create content, not just a handful of TV and movie studios. Logitech's business was already positioned to grow from these long-term trends, and since early March they have accelerated, making Logitech more relevant to customers than ever before."

Logitech raised its Fiscal Year 2021 annual sales outlook from mid single-digit sales growth, to 10 to 13 percent growth in constant currency. The Company also raised its annual outlook for non-GAAP operating income from a range of $380 million to $400 million, to a range of $410 million to $425 million.

Acer Announces Q2-2020 Results, Posts Record Revenues in Over 10 Quarters

Acer Inc. (TWSE: 2353) announced its consolidated revenues for June at NT$25.67 billion, up 27.2% month-on-month (MoM) and by 4.9% year-on-year (YoY). Preliminary consolidated revenues for the second quarter 2020 reached NT$65.60 billion, marking the highest in 10 quarters, and was up 34.3% QoQ and by 19.0% YoY. For year-to-June, consolidated revenues were NT$114.46 billion, up 4.2% YoY.

Among its regional operations, second quarter revenues QoQ was led by EMEA with 60.0% growth, and Pan America with 35.6% growth. In most countries, Acer benefitted from work-from-home and distance learning needs, in addition to the excellent end-to-end supply chain collaboration with its suppliers.

Micron Technology Reports Results for the Third Quarter of Fiscal 2020

Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2020, which ended May 28, 2020. "Micron's exceptional execution in the fiscal third quarter drove strong sequential revenue and EPS growth, despite challenges in the macro environment," said Micron Technology President and CEO Sanjay Mehrotra. "We are ramping the industry's most advanced DRAM technology into production and have delivered more than 75% of our NAND volume as high-value solutions, supported by record SSD revenue in the quarter. Our portfolio momentum positions us exceedingly well to leverage the long-term growth across our end markets."

NVIDIA Announces Financial Results for First Quarter Fiscal 2021

NVIDIA today reported revenue for the first quarter ended April 26, 2020, of $3.08 billion, up 39 percent from $2.22 billion a year earlier, and down 1 percent from $3.11 billion in the previous quarter. GAAP earnings per diluted share for the quarter were $1.47, up 130 percent from $0.64 a year ago, and down 4 percent from $1.53 in the previous quarter. Non-GAAP earnings per diluted share were $1.80, up 105 percent from $0.88 a year earlier, and down 5 percent from $1.89 in the previous quarter.

NVIDIA completed its acquisition of Mellanox Technologies Ltd. on April 27, 2020, for a transaction value of $7 billion. It also transitioned its GPU Technology Conference to an all-digital format, drawing more than 55,000 registered participants, while NVIDIA founder and CEO Jensen Huang's keynote videos were viewed 3.8 million times in their first three days.

Acer Reports Q1 2020 Financial Results

Acer Inc. announced the financial results for the first quarter of 2020: consolidated revenues were NT$48.85 (USD$1.6) billion; gross profits were NT$4.95 (USD$0.16) billion with 10.1% margin; operating income was NT$19 (USD$0.63) million; earnings before tax was NT$780 (USD$26) million; and net income was NT$558 (USD$18.6) million with earnings per share (EPS) of NT$0.18 (USD$0.006).

Consolidated revenues in March grew 114% month-on-month, achieved by the velocity of actions to capture the rise in demands due to work-from-home and online learning needs. For example, the PANAM operations scored a record first-quarter in revenues over several years.

AMD Reports First Quarter 2020 Financial Results

AMD today announced revenue for the first quarter of 2020 of $1.79 billion, operating income of $177 million, net income of $162 million and diluted earnings per share of $0.14. On a non-GAAP* basis, operating income was $236 million, net income was $222 million and diluted earnings per share was $0.18.

"We executed well in the first quarter, navigating the challenging environment to deliver 40 percent year-over-year revenue growth and significant gross margin expansion driven by our Ryzen and EPYC processors," said Dr. Lisa Su, AMD president and CEO. "While we expect some uncertainty in the near-term demand environment, our financial foundation is solid and our strong product portfolio positions us well across a diverse set of resilient end markets. We remain focused on strong business execution while ensuring the safety of our employees and supporting our customers, partners and communities. Our strategy and long-term growth plans are unchanged."

Intel Reports First-Quarter 2020 Financial Results

Intel Corporation today reported first-quarter 2020 financial results. "Our first-quarter performance is a testament to our team's focus on safeguarding employees, supporting our supply chain partners and delivering for our customers during this unprecedented challenge," said Bob Swan, Intel CEO."The role technology plays in the world is more essential now than it has ever been, and our opportunity to enrich lives and enable our customers' success has never been more vital. Guided by our cultural values, competitive advantages and financial strength, I am confident we will emerge from this situation an even stronger company."

In the first quarter, Intel achieved 34 percent data-centric revenue growth and 14 percent PC-centric revenue growth YoY. The company maintained essential factory operations with greater than 90 percent on-time delivery while supporting employees, customers and communities in response to the COVID-19 pandemic. This includes a new Intel Pandemic Response Technology Initiative to combat the virus where we can uniquely make a difference with Intel technology, expertise, and resources.

Western Digital Announces Financial Results for First Quarter Fiscal Year 2020

Western Digital Corp. today reported revenue of $4.0 billion for its first fiscal quarter ended October 4, 2019. The operating loss was $129 million with a net loss of $276 million, or ($0.93) per share. Excluding certain non-GAAP adjustments, the company achieved non-GAAP operating income of $235 million and non-GAAP net income of $101 million, or $0.34 per share.

In the year-ago quarter, the company reported revenue of $5.0 billion, operating income of $686 million and net income of $511 million, or $1.71 per share. Non-GAAP operating income in the year-ago quarter was $1.1 billion and non-GAAP net income was $906 million, or $3.04 per share. The company's first fiscal quarter of 2020 was a 14-week fiscal quarter, compared to a 13-week fiscal quarter for the year-ago quarter.

TSMC Reports Third Quarter Results

TSMC today announced consolidated revenue of NT$293.05 billion, net income of NT$101.07 billion, and diluted earnings per share of NT$3.90 (US$0.62 per ADR unit) for the third quarter ended September 30, 2019.

Year-over-year, third quarter revenue increased 12.6% while net income and diluted EPS both increased 13.5%. Compared to second quarter 2019, third quarter results represented a 21.6% increase in revenue and a 51.4% increase in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.

NVIDIA Announces Financial Results for Second Quarter Fiscal 2020

NVIDIA today reported revenue for the second quarter ended July 28, 2019, of $2.58 billion compared with $3.12 billion a year earlier and $2.22 billion in the previous quarter. GAAP earnings per diluted share for the quarter were $0.90, compared with $1.76 a year ago and $0.64 in the previous quarter. Non-GAAP earnings per diluted share were $1.24 compared with $1.94 a year earlier and $0.88 in the previous quarter.

"We achieved sequential growth across our platforms," said Jensen Huang, founder and CEO of NVIDIA. "Real-time ray tracing is the most important graphics innovation in a decade. Adoption has reached a tipping point, with NVIDIA RTX leading the way. "NVIDIA accelerated computing momentum continues to build as the industry races to enable the next frontier in artificial intelligence, conversational AI, as well as autonomous systems like self-driving vehicles and delivery robots," he said.

Activision Blizzard Announces Second-Quarter 2019 Financial Results

Activision Blizzard, Inc. today announced second-quarter 2019 results. "Our second quarter results exceeded our prior outlook for both revenue and earnings per share," said Bobby Kotick, Chief Executive Officer of Activision Blizzard. "In the first half of 2019 we have prioritized investments in our key franchises and, beginning in the second half of this year our audiences will have a chance to see and experience the initial results of these efforts."

For the quarter ended June 30, 2019, Activision Blizzard's net revenues presented in accordance with GAAP were $1.40 billion, as compared with $1.64 billion for the second quarter of 2018. GAAP net revenues from digital channels were $1.09 billion. GAAP operating margin was 24%. GAAP earnings per diluted share were $0.43, as compared with $0.52 for the second quarter of 2018. For the quarter ended June 30, 2019, on a non-GAAP basis, Activision Blizzard's operating margin was 32% and earnings per diluted share were $0.53, as compared with $0.62 for the second quarter of 2018.

Apple Reports Third Quarter Results

Apple today announced financial results for its fiscal 2019 third quarter ended June 29, 2019. The Company posted quarterly revenue of $53.8 billion, an increase of 1 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.18, down 7 percent. International sales accounted for 59 percent of the quarter's revenue.

"This was our biggest June quarter ever - driven by all-time record revenue from Services, accelerating growth from Wearables, strong performance from iPad and Mac and significant improvement in iPhone trends," said Tim Cook, Apple's CEO. "These results are promising across all our geographic segments, and we're confident about what's ahead. The balance of calendar 2019 will be an exciting period, with major launches on all of our platforms, new services and several new products."

"Our year-over-year business performance improved compared to the March quarter and drove strong operating cash flow of $11.6 billion," said Luca Maestri, Apple's CFO. "We returned over $21 billion to shareholders during the quarter, including $17 billion through open market repurchases of almost 88 million Apple shares, and $3.6 billion in dividends and equivalents."

SK Hynix Reports Second Quarter 2019 Results

SK hynix Inc. today announced financial results for its second quarter 2019 ended on June 30, 2019. The consolidated second quarter revenue was 6.45 trillion won while the operating profit amounted to 638 billion won and the net income 537 billion won. Operating margin for the quarter was 10% and net margin was 8%.

As demand recovery did not meet expectations and price declines were steeper than expected, the revenue and the operating profit in the second quarter fell by 5% and 53%, respectively, quarter-over-quarter (QoQ). DRAM bit shipments increased by 13% QoQ as the Company actively responded to the mobile and PC DRAM markets, where demand growth was relatively high. However, DRAM prices remained weak and the average selling price dropped by 24%. For NAND Flash, the bit shipments increased by 40% QoQ because of demand recovery due to price declines, while the average selling price decreased by 25%.

NVIDIA Announces Financial Results for First Quarter Fiscal 2020

NVIDIA today reported revenue for the first quarter ended April 28, 2019, of $2.22 billion compared with $3.21 billion a year earlier and $2.21 billion in the previous quarter. GAAP earnings per diluted share for the quarter were $0.64, compared with $1.98 a year ago and $0.92 in the previous quarter. Non-GAAP earnings per diluted share were $0.88 compared with $2.05 a year earlier and $0.80 in the previous quarter.

"NVIDIA is back on an upward trajectory," said Jensen Huang, founder and CEO of NVIDIA. "We've returned to growth in gaming, with nearly 100 new GeForce Max-Q laptops shipping. And NVIDIA RTX has gained broad industry support, making ray tracing the standard for next-generation gaming.

Apple Reports Second Quarter Results: Services Revenues Reach $11.5 Billion

Apple today announced financial results for its fiscal 2019 second quarter ended March 30, 2019. The Company posted quarterly revenue of $58 billion, a decline of 5 percent from the year-ago quarter, and quarterly earnings per diluted share of $2.46, down 10 percent. International sales accounted for 61 percent of the quarter's revenue.

"Our March quarter results show the continued strength of our installed base of over 1.4 billion active devices, as we set an all-time record for Services, and the strong momentum of our Wearables, Home and Accessories category, which set a new March quarter record," said Tim Cook, Apple's CEO. "We delivered our strongest iPad growth in six years, and we are as excited as ever about our pipeline of innovative hardware, software and services. We're looking forward to sharing more with developers and customers at Apple's 30th annual Worldwide Developers Conference in June."
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