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) | |||||||||||||||||
| 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 | |||||||||
