Press release
Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2021
Industry’s first 176-layer NAND in production BOISE, Idaho, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for
About this update from Micron Technology, Inc.
[{"type":"text","content":"Industry’s first 176-layer NAND in production BOISE, Idaho, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2021, which ended Dec. 3, 2020. Fiscal Q1 2021 highlights Revenue of $5.77 billion versus $6.06 billion for the prior quarter and $5.14 billion for the same period last yearGAAP net income of $803 million, or $0.71 per diluted shareNon-GAAP net income of $897 million, or $0.78 per diluted shareOperating cash flow of $1.97 billion versus $2.27 billion for the prior quarter and $2.01 billion for the same period last year “Micron delivered outstanding fiscal first quarter results, driven by focused execution and strong end-market demand,” said Micron Technology President and CEO Sanjay Mehrotra. “We are excited about the strengthening DRAM industry fundamentals. For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge.” Quarterly Financial Results(in millions, except per share amounts)GAAP(1) Non-GAAP(2)FQ1-21FQ4-20FQ1-20 FQ1-21FQ4-20FQ1-20 Revenue$5,773 $6,056 $5,144 $5,773 $6,056 $5,144 Gross margin1,736 2,068 1,366 1,784 2,111 1,405 percent of revenue30.1%34.1%26.6% 30.9%34.9%27.3%Operating expenses870 911 848 811 809 811 Operating income866 1,157 518 973 1,302 594 percent of revenue15.0%19.1%10.1% 16.9%21.5%11.5%Net income attributable to Micron803 988 491 897 1,229 548 Diluted earnings per share0.71 0.87 0.43 0.78 1.08 0.48 Investments in capital expenditures, net(2) were $2.78 billion for the first quarter of 2021. Micron ended the quarter with cash, marketable investments, and restricted cash of $8.36 billion, for a net cash(2) position of $1.73 billion. Business Outlook The following table presents Micron’s guidance for the second quarter of 2021: FQ2-21GAAP(1) OutlookNon-GAAP(2) Outlook Revenue$5.8 billion ± $200 million$5.8 billion ± $200 millionGross margin25% ± 1%31% ± 1%Operating expenses$882 million ± $25 million$825 million ± $25 millionInterest (income) expense, net$37 million$35 millionDiluted earnings per share$0.41 ± $0.07$0.75 ± $0.07 Further information regarding Micron’s business outlook is included in the prepared remarks and s...