Delivers strong profitability and over $1 billion in free cash flow
BOISE, Idaho, March 29, 2022 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2022, which ended March 3, 2022.
Fiscal Q2 2022 highlights
- Revenue of $7.79 billion versus $7.69 billion for the prior quarter and $6.24 billion for the same period last year
- GAAP net income of $2.26 billion, or $2.00 per diluted share
- Non-GAAP net income of $2.44 billion, or $2.14 per diluted share
- Operating cash flow of $3.63 billion versus $3.94 billion for the prior quarter and $3.06 billion for the same period last year
“Micron’s excellent second quarter results exceeded the high end of our guidance for both revenue and margin, reflecting our strong execution,” said Micron Technology President and CEO Sanjay Mehrotra. “We’re leading the industry in technology across DRAM and NAND, and our product portfolio momentum is accelerating. With outstanding first half results, Micron is on track to deliver record revenue and robust profitability in fiscal 2022.”
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts)
| GAAP (1) | Non-GAAP (2) | |||||||||||||||||
| FQ2-22 | FQ1-22 | FQ2-21 | FQ2-22 | FQ1-22 | FQ2-21 | ||||||||||||||
| Revenue | $ | 7,786 | $ | 7,687 | $ | 6,236 | $ | 7,786 | $ | 7,687 | $ | 6,236 | |||||||
| Gross margin | 3,676 | 3,565 | 1,649 | 3,724 | 3,616 | 2,054 | |||||||||||||
| percent of revenue | 47.2 | % | 46.4 | % | 26.4 | % | 47.8 | % | 47.0 | % | 32.9 | % | |||||||
| Operating expenses | 1,130 | 934 | 986 | 974 | 891 | 797 | |||||||||||||
| Operating income | 2,546 | 2,631 | 663 | 2,750 | 2,725 | 1,257 | |||||||||||||
| percent of revenue | 32.7 | % | 34.2 | % | 10.6 | % | 35.3 | % | 35.4 | % | 20.2 | % | |||||||
| Net income | 2,263 | 2,306 | 603 | 2,444 | 2,471 | 1,128 | |||||||||||||
| Diluted earnings per share | 2.00 | 2.04 | 0.53 | 2.14 | 2.16 | 0.98 | |||||||||||||
