Press release
Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2023
Micron navigates industry conditions with supply cuts and expense reductions BOISE, Idaho, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq:
About this update from Micron Technology, Inc.
[{"type":"text","content":"Micron navigates industry conditions with supply cuts and expense reductions\nBOISE, 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 yearGAAP net loss of $195 million, or $0.18 per diluted shareNon-GAAP net loss of $39 million, or $0.04 per diluted shareOperating 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)FQ1-23FQ4-22FQ1-22 FQ1-23FQ4-22FQ1-22 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 Investments in capital expenditures, net(2) were $2.47 billion for the first quarter of 2023, which resulted in adjusted free cash flows(2) of negative $1.53 billion. Micron repurchased approximately 8.6 million shares of its common stock for $425 million during the first quarter of 2023 and ended the quarter with cash, marketable investments, and restricted cash of $12.08 billion, for a net cash(2) position of $1.81 billion. Micron’s Board of Directors has declared a quarterly dividend of $0.115 per share, payable in cash on January 19, 2023, to shareholders of record as of the close of business on January 3, 2023. Busi...