Table of Contents
a. Key Points
Supply tightness expected to last through 2027.
Signing more multi-year customer commitments.
Record growth and margins.
b. Demand
Beat revenue estimate by 16.8% & beat guide by 23.7%.
Beat cloud memory revenue estimate by 15%.
Beat core data center revenue estimate by 69%.
Beat mobile & client revenue estimate by 18%.
Beat auto & embedded revenue estimate by 32%.
c. Profits & Margins
Beat 82.2% GPM estimates by 270 basis points (bps) & beat guidance by 390 bps.
Beat EBIT estimates by 22% and beat guidance by 25%.
Beat $20.39 EPS estimates by $4.72 & beat guidance by $5.96.
The company earned $1.91 last year compared to $25.11 this year. Incredible earnings growth.
d. Balance Sheet
$26B cash & equivalents.
$5B investments.
4% Y/Y inventory growth.
$5.6B debt.
1.8% Y/Y dilution.
Received credit rating upgrades from the 3 major agencies.
e. Q4 Guidance & Valuation
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