Micron Technology, Inc. Reports Results for the First Quarter of

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

BOISE, Idaho, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2023, which ended December 1, 2022.

Fiscal Q1 2023 highlights

Revenue of $4.09 billion versus $6.64 billion for the prior quarter and $7.69 billion for the same period last year
GAAP net loss of $195 million, or $0.18 per diluted share
Non-GAAP net loss of $39 million, or $0.04 per diluted share
Operating cash flow of $943 million versus $3.78 billion for the prior quarter and $3.94 billion for the same period last year

“Micron delivered fiscal first quarter revenue and EPS within guidance ranges despite challenging conditions during the quarter,” said Micron Technology President and CEO Sanjay Mehrotra. “Micron’s strong technology, manufacturing and financial position put us on solid footing to navigate the near-term environment, and we are taking decisive actions to cut our supply and expenses. We expect improving customer inventories to enable higher revenue in the fiscal second half, and to deliver strong profitability once we get past this downturn.”

Quarterly Financial Results
(in millions, except per share amounts)	GAAP⁽¹⁾									Non-GAAP⁽²⁾
(in millions, except per share amounts)	FQ1-23			FQ4-22			FQ1-22			FQ1-23			FQ4-22			FQ1-22

Revenue	$	4,085		$	6,643		$	7,687		$	4,085		$	6,643		$	7,687
Gross margin		893			2,622			3,565			934			2,676			3,616
percent of revenue		21.9	%		39.5	%		46.4	%		22.9	%		40.3	%		47.0	%
Operating expenses		1,102			1,101			934			999			1,014			891
Operating income (loss)		(209	)		1,521			2,631			(65	)		1,662			2,725
percent of revenue		(5.1	%)		22.9	%		34.2	%		(1.6	%)		25.0	%		35.4	%
Net income (loss)		(195	)		1,492			2,306			(39	)		1,621			2,471
Diluted earnings (loss) per share		(0.18	)		1.35			2.04			(0.04	)		1.45			2.16

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