BOISE, Idaho, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) (the “Company”) today announced that it is updating its revenue, gross margin, operating expense, and EPS guidance for the first quarter of fiscal 2024, which ends Nov. 30, 2023. The Company previously guided revenue of $4.4 billion ± $200 million and non-GAAP gross margins of (4.0%) ± 2%. As a result of improved supply and demand balance and improved pricing, the Company today announced that it expects revenue will approach $4.7 billion and non-GAAP gross margins will approach breakeven for the first quarter of fiscal 2024. The Company announced additional updates as set forth in the tables below.
Micron President and Chief Executive Officer Sanjay Mehrotra and Executive Vice President and Chief Financial Officer Mark Murphy will share further updates in a fireside chat at the 2023 UBS Global Technology Conference in Scottsdale, Arizona scheduled to take place at 7:35 a.m. Mountain time on Nov. 28, 2023.
The live webcast and subsequent replay of the event can be accessed from Micron’s Investor Relations website at http://investors.micron.com.
| Previous Guidance | Updated Guidance | ||||||||||||||
| GAAP Outlook | Adjustments | Non-GAAP Outlook | GAAP Outlook | Adjustments |
Non-GAAP
Outlook | ||||||||||
| Revenue | $4.4B ± $200M | — | $4.4B ± $200M | Approaching $4.7B | — | Approaching $4.7B | |||||||||
| Gross margin | (6.0%) ± 2.0% | 2% | A | (4.0%) ± 2.0% | (2.5%) to (2.0%) | 2% | A | (0.5%) to 0.0% | |||||||
| Operating expenses | $1.01B ± $15M | $113M | B | $900M ± $15M | Approximately $1.10B | $113M | B | Approximately $990M | |||||||
| Diluted earnings (loss) per share(1) | ($1.24) ± $0.07 | $0.17 | A, B, C | ($1.07) ± $0.07 | Approximately ($1.17) | $0.17 | A, B, C | Approximately ($1.00) | |||||||
|
Non-GAAP Adjustments
(in millions) | |||||
| A | Stock-based compensation – cost of goods sold | $ | 66 | ||
| A | Other – cost of goods sold | 4 | |||
| B | Stock-based compensation – research and development | 69 | |||
| B | Stock-based compensation – sales, general, and administrative | 44 | |||
| C | Tax effects of the above items and other tax adjustments | (1 | ) | ||
| $ | 182 | ||||
