Artificial Intelligence

Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2023

Published

1 year ago

March 28, 2023

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Achieving technology milestones while cutting expenses and reducing supply

BOISE, Idaho, March 28, 2023 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2023, which ended March 2, 2023.

Fiscal Q2 2023 highlights

Revenue of $3.69 billion versus $4.09 billion for the prior quarter and $7.79 billion for the same period last year
GAAP net loss of $2.31 billion, or $2.12 per diluted share
Non-GAAP net loss of $2.08 billion, or $1.91 per diluted share
Inventory write-downs of $1.43 billion, impact of $1.34 per diluted share
Operating cash flow of $343 million versus $943 million for the prior quarter and $3.63 billion for the same period last year

“Micron delivered fiscal second quarter revenue within our guidance range in a challenging market environment,” said Micron Technology President and CEO Sanjay Mehrotra. “Customer inventories are getting better, and we expect gradual improvements to the industry’s supply-demand balance. We remain confident in long-term demand and are investing prudently to preserve our technology and product portfolio competitiveness.”

Quarterly Financial Results
(in millions, except per share amounts)	GAAP⁽¹⁾									Non-GAAP⁽²⁾
(in millions, except per share amounts)	FQ2-23			FQ1-23			FQ2-22			FQ2-23			FQ1-23			FQ2-22

Revenue	$	3,693		$	4,085		$	7,786		$	3,693		$	4,085		$	7,786
Gross margin		(1,206	)		893			3,676			(1,161	)		934			3,724
percent of revenue		(32.7	%)		21.9	%		47.2	%		(31.4	%)		22.9	%		47.8	%
Operating expenses		1,097			1,102			1,130			916			999			974
Operating income (loss)		(2,303	)		(209	)		2,546			(2,077	)		(65	)		2,750
percent of revenue		(62.4	%)		(5.1	%)		32.7	%		(56.2	%)		(1.6	%)		35.3	%
Net income (loss)		(2,312	)		(195	)		2,263			(2,081	)		(39	)		2,444
Diluted earnings (loss) per share		(2.12	)		(0.18	)		2.00			(1.91	)		(0.04	)		2.14

Investments in capital expenditures, net⁽²⁾ were $2.16 billion for the second quarter of 2023, which resulted in adjusted free cash flows⁽²⁾ of negative $1.81 billion. Micron ended the second quarter of 2023 with cash, marketable investments, and restricted cash of $12.12 billion. Micron’s Board of Directors has declared a quarterly dividend of $0.115 per share, payable in cash on April 25, 2023, to shareholders of record as of the close of business on April 10, 2023.

Business Outlook

The table below presents Micron’s guidance for the third quarter of 2023. This guidance assumes a write down of approximately $500 million associated with inventory produced during the third quarter, impacting both GAAP and non-GAAP diluted earnings (loss) per share by approximately $0.45.

FQ3-23	GAAP⁽¹⁾ Outlook	Non-GAAP⁽²⁾ Outlook

Revenue	$3.70 billion ± $200 million	$3.70 billion ± $200 million
Gross margin	(23.0%) ± 2.5%	(21.0%) ± 2.5%
Operating expenses	$1.07 billion ± $15 million	$900 million ± $15 million
Diluted earnings (loss) per share	($1.79) ± $0.07	($1.58) ± $0.07

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Investor Webcast

Micron will host a conference call on Tuesday, March 28, 2023 at 2:30 p.m. Mountain Time to discuss its second quarter financial results and provide forward-looking guidance for its third quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2023 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

(1)		GAAP represents U.S. Generally Accepted Accounting Principles.
(2)		Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)

	2nd Qtr.			1st Qtr.			2nd Qtr.			Six months ended
	March 2, 2023			December 1, 2022			March 3, 2022			March 2, 2023			March 3, 2022

Revenue	$	3,693		$	4,085		$	7,786		$	7,778		$	15,473
Cost of goods sold		4,899			3,192			4,110			8,091			8,232
Gross margin		(1,206	)		893			3,676			(313	)		7,241

Research and development		788			849			792			1,637			1,504
Selling, general, and administrative		231			251			263			482			522
Restructure and asset impairments		86			13			5			99			43
Other operating (income) expense, net		(8	)		(11	)		70			(19	)		(5	)
Operating income (loss)		(2,303	)		(209	)		2,546			(2,512	)		5,177

Interest income		119			88			12			207			22
Interest expense		(89	)		(51	)		(55	)		(140	)		(100	)
Other non-operating income (expense), net		2			(4	)		6			(2	)		(69	)
		(2,271	)		(176	)		2,509			(2,447	)		5,030

Income tax (provision) benefit		(54	)		(8	)		(255	)		(62	)		(474	)
Equity in net income (loss) of equity method investees		13			(11	)		9			2			13
Net income (loss)	$	(2,312	)	$	(195	)	$	2,263		$	(2,507	)	$	4,569

Earnings (loss) per share
Basic	$	(2.12	)	$	(0.18	)	$	2.02		$	(2.30	)	$	4.08
Diluted		(2.12	)		(0.18	)		2.00			(2.30	)		4.04

Number of shares used in per share calculations
Basic		1,091			1,090			1,119			1,091			1,119
Diluted		1,091			1,090			1,130			1,091			1,130

MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

As of	March 2, 2023			December 1, 2022			September 1, 2022

Assets
Cash and equivalents	$	9,798		$	9,574		$	8,262
Short-term investments		1,020			1,007			1,069
Receivables		2,278			3,318			5,130
Inventories		8,129			8,359			6,663
Other current assets		673			663			657
Total current assets		21,898			22,921			21,781
Long-term marketable investments		1,212			1,426			1,647
Property, plant, and equipment		39,085			39,335			38,549
Operating lease right-of-use assets		673			693			678
Intangible assets		410			428			421
Deferred tax assets		697			672			702
Goodwill		1,228			1,228			1,228
Other noncurrent assets		1,317			1,171			1,277
Total assets	$	66,520		$	67,874		$	66,283

Liabilities and equity
Accounts payable and accrued expenses	$	4,310		$	5,438		$	6,090
Current debt		237			171			103
Other current liabilities		708			916			1,346
Total current liabilities		5,255			6,525			7,539
Long-term debt		12,037			10,094			6,803
Noncurrent operating lease liabilities		610			625			610
Noncurrent unearned government incentives		529			516			589
Other noncurrent liabilities		832			808			835
Total liabilities		19,263			18,568			16,376

Commitments and contingencies

Shareholders’ equity
Common stock		123			123			123
Additional capital		10,633			10,335			10,197
Retained earnings		44,426			46,873			47,274
Treasury stock		(7,552	)		(7,552	)		(7,127	)
Accumulated other comprehensive income (loss)		(373	)		(473	)		(560	)
Total equity		47,257			49,306			49,907
Total liabilities and equity	$	66,520		$	67,874		$	66,283

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Six months ended	March 2, 2023			March 3, 2022

Cash flows from operating activities
Net income (loss)	$	(2,507	)	$	4,569
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation expense and amortization of intangible assets		3,863			3,413
Provision to write-down inventories to net realizable value		1,430			—
Stock-based compensation		303			247
(Gain) loss on debt repurchases		—			83
Change in operating assets and liabilities:
Receivables		2,910			(44	)
Inventories		(2,896	)		(900	)
Accounts payable and accrued expenses		(1,795	)		107
Other		(22	)		91
Net cash provided by operating activities		1,286			7,566

Cash flows from investing activities
Expenditures for property, plant, and equipment		(4,654	)		(5,876	)
Purchases of available-for-sale securities		(293	)		(922	)
Proceeds from maturities of available-for-sale securities		765			631
Proceeds from government incentives		64			66
Proceeds from sales of available-for-sale securities		8			172
Proceeds from sale of Lehi, Utah fab		—			893
Other		(71	)		(140	)
Net cash provided by (used for) investing activities		(4,181	)		(5,176	)

Cash flows from financing activities
Proceeds from issuance of debt		5,221			2,000
Repurchases of common stock – repurchase program		(425	)		(667	)
Payments of dividends to shareholders		(252	)		(224	)
Payments on equipment purchase contracts		(76	)		(105	)
Repayments of debt		(53	)		(1,981	)
Other		19			(2	)
Net cash provided by (used for) financing activities		4,434			(979	)

Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash		9			(16	)

Net increase (decrease) in cash, cash equivalents, and restricted cash		1,548			1,395
Cash, cash equivalents, and restricted cash at beginning of period		8,339			7,829
Cash, cash equivalents, and restricted cash at end of period	$	9,887		$	9,224

MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)

Inventories

In the second quarter of 2023, we recorded a charge of $1.43 billion to cost of goods sold to write down the carrying value of work in process and finished goods inventories to their estimated net realizable values.

Debt Activity

Term Loan Agreement: On November 3, 2022, we entered into a Term Loan Agreement consisting of three tranches and borrowed $2.60 billion in aggregate principal amount, including $927 million due November 3, 2025, $746 million due November 3, 2026, and $927 million due November 3, 2027.

On January 5, 2023, we amended the Term Loan Agreement and borrowed an additional $600 million in aggregate principal amount, including $125 million due November 3, 2025, $250 million due November 3, 2026, and $225 million due November 3, 2027. Borrowings under the Term Loan Agreement will generally bear interest at adjusted term SOFR plus an applicable interest rate margin ranging from 1.00% to 2.00%, varying by tranche and depending on our corporate credit ratings.

Senior Unsecured Notes: On October 31, 2022, we issued $750 million principal amount of 6.750% senior unsecured notes due November 1, 2029 in a public offering and received proceeds of $744 million.

On February 9, 2023, we issued an additional $500 million principal amount of 6.750% senior unsecured notes due November 1, 2029 and received proceeds of $520 million. Additionally, we issued $750 million principal amount of 5.875% senior unsecured notes due February 9, 2033 and received proceeds of $745 million.

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)

	2nd Qtr.			1st Qtr.			2nd Qtr.
	March 2, 2023			December 1, 2022			March 3, 2022

GAAP gross margin	$	(1,206	)	$	893		$	3,676
Stock-based compensation		41			36			44
Other		4			5			4
Non-GAAP gross margin	$	(1,161	)	$	934		$	3,724

GAAP operating expenses	$	1,097		$	1,102		$	1,130
Stock-based compensation		(95	)		(90	)		(75	)
Restructure and asset impairments		(86	)		(13	)		(5	)
Other		—			—			(76	)
Non-GAAP operating expenses	$	916		$	999		$	974

GAAP operating income (loss)	$	(2,303	)	$	(209	)	$	2,546
Stock-based compensation		136			126			119
Restructure and asset impairments		86			13			5
Other		4			5			80
Non-GAAP operating income (loss)	$	(2,077	)	$	(65	)	$	2,750

GAAP net income (loss)	$	(2,312	)	$	(195	)	$	2,263
Stock-based compensation		136			126			119
Restructure and asset impairments		86			13			5
Amortization of debt discount and other costs		4			5			8
Other		4			5			80
Estimated tax effects of above and other tax adjustments		1			7			(31	)
Non-GAAP net income (loss)	$	(2,081	)	$	(39	)	$	2,444

GAAP weighted-average common shares outstanding – Diluted		1,091			1,090			1,130
Adjustment for stock-based compensation		—			—			13
Non-GAAP weighted-average common shares outstanding – Diluted		1,091			1,090			1,143

GAAP diluted earnings (loss) per share	$	(2.12	)	$	(0.18	)	$	2.00
Effects of the above adjustments		0.21			0.14			0.14
Non-GAAP diluted earnings (loss) per share	$	(1.91	)	$	(0.04	)	$	2.14

RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued

	2nd Qtr.			1st Qtr.			2nd Qtr.
	March 2, 2023			December 1, 2022			March 3, 2022

GAAP net cash provided by operating activities	$	343		$	943		$	3,628

Expenditures for property, plant, and equipment		(2,205	)		(2,449	)		(2,611	)
Proceeds from sales of property, plant, and equipment		17			23			27
Payments on equipment purchase contracts		(29	)		(47	)		(27	)
Amounts funded by partners		62			2			11
Investments in capital expenditures, net		(2,155	)		(2,471	)		(2,600	)
Adjusted free cash flow	$	(1,812	)	$	(1,528	)	$	1,028

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income (loss), net income (loss), diluted shares, diluted earnings (loss) per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management routinely excludes the following items in analyzing our operating results and understanding trends in our earnings:

Stock-based compensation;
Flow-through of business acquisition-related inventory adjustments;
Acquisition-related costs;
Employee severance;
Gains and losses from settlements;
Restructure and asset impairments;
Amortization of debt discount and other costs;
Gains and losses from debt repurchases and conversions;
Gains and losses from business acquisition activities; and
The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income (loss).

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

FQ3-23	GAAP Outlook	Adjustments		Non-GAAP Outlook

Revenue	$3.70 billion ± $200 million	—		$3.70 billion ± $200 million
Gross margin	(23.0%) ± 2.5%	2.0%	A	(21.0%) ± 2.5%
Operating expenses	$1.07 billion ± $15 million	$166 million	B	$900 million ± $15 million
Diluted earnings (loss) per share⁽¹⁾	($1.79) ± $0.07	$0.21	A, B, C	($1.58) ± $0.07

Non-GAAP Adjustments (in millions)

A	Stock-based compensation – cost of goods sold	$	55
A	Other – cost of goods sold		5
B	Stock-based compensation – research and development		62
B	Stock-based compensation – selling, general, and administrative		44
B	Restructure and asset impairments		60
C	Tax effects of the above items and other tax adjustments		5
		$	231

⁽¹⁾GAAP and non-GAAP earnings (loss) per share based on approximately 1.09 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

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Value-Added Resellers (VARs) Software Market Size to Grow at a CAGR of 11% | Valuates Reports

Published

21 mins ago

June 27, 2024

CISION (PR Newswire)

BANGALORE, India, June 27, 2024 /PRNewswire/ — Value-Added Resellers (VARs) Software Market is Segmented by Type (On-premise, Cloud-based), by Application (Large Enterprises, SMEs): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Value-Added Resellers (VARs) Software Market was valued at 550 million USD in 2023 and witnessed a CAGR of 11% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Value-Added Resellers (VARs) Software Market
The value-added reseller (VAR) industry is expanding as a result of numerous important causes. The growing complexity of technological solutions, which necessitates specialist knowledge to customize goods to match particular client needs, is one important factor. VARs’ ability to provide specialized solutions that go above and beyond the original products makes them more appealing to companies searching for streamlined, integrated systems. The demand for VARs is also increasing due to the growth of cloud computing and digital transformation initiatives across various industries, since they offer vital services including integration, support, and consulting. Businesses must look for VARs in order to obtain a technology advantage and boost operational efficiency due to the competitive marketplace.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VALUE-ADDED RESELLERS (VARS) SOFTWARE INDUSTRY
The market for VAR software is mostly driven by large organizations’ embrace of cloud-based solutions. Cloud solutions are becoming more and more popular among large organizations because of their affordability, scalability, and flexibility, which allow them to effectively manage enormous volumes of data and intricate IT infrastructures. Cloud technologies facilitate worldwide collaboration and remote work, which are crucial in today’s dispersed work contexts. VARs are essential to this shift because they offer knowledge and experience with cloud migration, integration, and continuous support. They support businesses in tailoring cloud solutions to particular use cases, guaranteeing a smooth transition from old to new systems, and upholding strict security and regulatory requirements. Large enterprise IT environments are complicated, requiring specialist assistance and customized solutions, which VARs are well-positioned to provide.
Another important driver propelling the growth of the VARs software market is the increasing number of small and medium-sized businesses (SMBs) implementing cutting-edge software solutions. SMBs are realizing more and more how crucial it is to use technology to enhance customer experiences, streamline processes, and stay competitive. These companies, however, frequently lack the internal knowledge necessary to setup and oversee sophisticated software systems. SMBs may more easily embrace and profit from cutting-edge software solutions when VARs offer the required knowledge and assistance. VARs fuel market growth by enabling SMBs to compete with larger organizations through the provision of scalable and inexpensive solutions. The market for VAR software is developing as a result of SMBs’ tendency toward digital transformation and their increasing reliance on specialist software solutions.
The VARs software sector has undergone a transformation thanks to the emergence of cloud computing and Software-as-a-Service (SaaS) models. Cloud-based solutions are very appealing to companies of all sizes because they provide several benefits, such as lower upfront costs, scalability, and remote access. By adding cloud solutions into their portfolios, VARs have profited from this trend and given their clients the efficiency and flexibility they require in the fast-paced business world of today. In example, SaaS models give companies access to advanced software without requiring hefty infrastructure investments. The move to cloud computing has increased the importance of VARs because they now offer cloud-based solution integration, deployment, and continuing maintenance. The market for VAR software is expanding due to the growing demand for cloud solutions.
One of the main factors propelling the VARs software industry is the need for integration and customized services. Software solutions that may be customized to a business’s unique workflows and connected with current systems are frequently needed. These services are best provided by VARs, who also offer seamless interaction with other enterprise apps and bespoke software setups. The ability to customize solutions to specific business requirements and guarantee compatibility with current systems improves VARs’ overall value proposition. For companies with complicated IT environments, where off-the-shelf software solutions might not work well, customization and integration services are especially crucial. VARs help companies maximize their software investments and boost operational effectiveness by attending to these needs. The market for VAR software is growing due to the rising need for tailored software solutions and seamless integration.
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VALUE-ADDED RESELLERS (VARS) SOFTWARE MARKET SHARE
Because of its technological leadership and mature market, North America—especially the United States—represents a large portion of the VARs software market. The supremacy of the region can be attributed to its strong IT infrastructure, high adoption rates of cutting-edge technology, and a large presence of top software providers. Specialized software and VAR services are in high demand since North American businesses are quick to adopt novel solutions in order to remain competitive. The region’s emphasis on digital transformation and large investments in cybersecurity, cloud computing, and data analytics are driving the market for VAR software. Additionally, the regulatory landscape in industries like banking and healthcare demands tailored software solutions in order to maintain compliance, which increases the demand for VAR services.
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Artificial Intelligence

Senior Data Leaders from Travel and Hospitality Industry to Discuss Sector’s Unique Challenges at CDO Travel & Hospitality Exchange

Published

21 mins ago

June 27, 2024

CISION (PR Newswire)

LONDON, June 27, 2024 /PRNewswire/ — Following its hugely successful launch in 2023, the CDO Travel & Hospitality Exchange returns for its second year on 11-12 September 2024 at Hilton Syon Park in London. Bringing together senior data leaders from across the world of travel and hospitality for two days of learning, discussion and networking, attendees will gain unique insights on harnessing data for operational excellence, building world-class data teams and enhancing customer experience through effective use of data.

The multitude of systems and suppliers integral to the functioning of the travel and hospitality industry creates a distinct set of challenges in terms of data organisation and governance, with many data leaders feeling as though they are not maximising their organisation’s data potential. Coupled with the introduction of new legislation and the pressure to keep up with continually evolving customer expectations, a data leader’s role within travel and hospitality organisations has become increasingly demanding.
The CDO Travel & Hospitality Exchange agenda has been designed to address the complexities of implementing effective data strategies, helping travel and hospitality businesses to thrive in today’s data-driven world. With 70 select data leaders from the travel and hospitality industry in attendance and a variety of unique activity formats including industry-specific roundtables, plenary presentations and one-to-one meetings with solution providers, the Exchange format provides a tailored, unique platform to explore fresh solutions to real-world challenges that data leaders in this sector face.
The world-class speaker faculty is comprised of thought leaders from some of the travel and hospitality industry’s most recognisable brands, including Hirra Sulanki, Group Head of Digital Analytics & Optimisation at TUI, Gillian Cossey, Global Data Protection Officer at Virgin Atlantic, and Nick Beresford, Head of Data & Analytics at Heathrow Airport. Attendees will come away with the expert knowledge and actionable insights needed to create data-driven change within their organisations.
Other agenda highlights include a presentation on ‘The Ongoing Battle Between Modernisation and Legacy Systems’ by Philip Cotton, Head of Customer, Trending & Trading Insight at On the Beach. The event’s closing panel discussion on ‘Navigating the Path to Data Maturity’, notably featuring Andrea Ferrari, Director of Planning & Forecasting at Silversea Cruises, also promises to be an enriching discussion that will enable attendees to visualise the optimal data architecture, team structure and strategies needed for their organisation to excel.
Attendance at the CDO Travel & Hospitality Exchange is by invitation only. To be part of the conversation, network with fellow travel and hospitality data leaders and discover valuable solutions for your organisation, request your invitation by clicking here. For more information on the agenda and speaker lineup, visit the event website here.
Join us in shaping the future of data-driven success in travel and hospitality.
Media contacts: Kazia Green, [email protected]

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Artificial Intelligence

Secondary 5G Innovation: Charting a New Course for Business Success

Published

2 hours ago

June 27, 2024

CISION (PR Newswire)

secondary-5g-innovation:-charting-a-new-course-for-business-success

SHANGHAI, June 27, 2024 /PRNewswire/ — During MWC Shanghai 2024, Chen Hao, President of Carrier Business at Huawei, delivered a keynote speech. He noted that while primary innovation unleashes technology dividends, secondary innovation accelerates business success, and pointed out that 5G is currently undergoing secondary innovation.

China has built the world’s largest and most advanced 5G networks, and by May this year, the number of 5G users in China exceeded 890 million, accounting for over 52% of the global total. Bolstered by this incredible progress, information and communications technologies like 5G are rapidly developing into an integral part of every sector and domain in China.
During his keynote entitled “Secondary 5G Innovation: Charting a New Course for Business Success”, Chen said, “China’s success in 5G is a result of ceaseless exploration, effective practices, and endless innovation. Just as James Watt’s improvements to the steam engine sparked the Industrial Revolution, secondary 5G innovation is expected to accelerate monetization in three areas – user scenarios, network-cloud-intelligence synergy, and ecosystem collaboration – for a new stage of business success.”
Scenario innovation: Reinventing the value of user groups and scenarios to accelerate multi-metric network monetization
Today, China has 150 million registered livestreaming users. Thanks to 5G’s high uplink speeds and priority-based network access, operators in the country can meet these users’ requirements for videos that offer higher definition and zero stuttering. Furthermore, more than 15 provincial operators in China have released livestreaming packages with guaranteed uplink speeds.
Networks are becoming increasingly capable of supporting new features like user- and service-specific acceleration, deterministic experience, and visualized user perception, and these advances will extend livestreaming to more scenarios, user groups, and applications. The value of user groups and scenarios will thus be reinvented, accelerating network monetization through different metrics.
Integrated innovation: New gateway to industry IoT services through network-cloud-intelligence synergy
New Calling and cloud phone services will serve as a gateway to more individual digital services, while Internet of Vehicles (IoV) and Internet of Video Things (IoVT) services create new opportunities for industry connectivity. Innovation that integrates 5G, cloud, and AI will drive such services forward.
AI-generated content (AIGC) is only the starting point for New Calling to deliver unparalleled user experience. With the incubation of more consumer- and business-oriented high-value application scenarios, such as replacing traditional enterprise hotlines with AI assistants, New Calling will become even more engaging, convenient, and valuable.
Cloud phones can already deliver experiences that almost match those of physical phones. Delivering 2K resolution and latency as low as 100 ms, cloud phones are well on their way to offering higher-resolution display and smoother interaction that are comparable to those found on a physical phone.
For IoV and IoVT, RedCap technology can support connectivity services with optimal performance, at optimal cost. The RedCap ecosystem for chips, modules, and devices is already mature, meaning it allows operators to quickly establish industry benchmarks. With contiguous network coverage, alongside new capabilities like slicing and edge cloud computing, new high-value applications will be developed to support new IoT services for industries, such as smart manufacturing and industrial automation.
Collaborative innovation: E2E industry collaboration boosts video service traffic
Current video services, whether short videos, long videos, or video calls, typically deliver 540p or 720p resolution, meaning user experience has much room for improvement. As part of its efforts to improve consumer experience and maximize China’s leading network capabilities, Huawei advocated “moving towards a full HD era” at the recent event “HD China: Forum on High-Quality Development of Mobile Video in the AI Era”. Huawei also called on players from across the industry to collaborate on breakthroughs in glasses-free 3D content, technology, and experience, so that everyone can benefit.
In terms of 5G business success, monetization will rely heavily on reinventing the value of user groups and scenarios; services strategies will require network-cloud-intelligence synergy; and collaboration on new types of video services will be key to boosting network traffic. Concluding his speech, Chen stated that Huawei will go all out to support operators in propelling secondary 5G innovation and embracing commercial 5.5G to take 5G business success to the next level.
MWC Shanghai 2024 will be held from June 26 to June 28 in Shanghai, China. During the event, Huawei will showcase its latest products and solutions at stands E10 and E50 in Hall N1 of the Shanghai New International Expo Centre (SNIEC).
2024 will mark the first year of commercial 5.5G, and F5.5G gigabit optical network deployment has already begun. Synergies across networks, cloud, and intelligence are set to give rise to pervasive intelligent applications and increasingly diverse user experiences. Together with global operators, industry professionals, and opinion leaders, Huawei will dive into exciting topics at this year’s MWC Shanghai, like how to amplify 5G’s success in the 5.5G era and how to tap into the potential of operator revenue growth to bring us even faster to the intelligent world. For more information, please visit: https://carrier.huawei.com/en/events/mwcs2024.
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