Press release
Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2023
Achieving technology milestones while cutting expenses and reducing supply BOISE, Idaho, March 28, 2023 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq:
About this update from Micron Technology, Inc.
[{"type":"text","content":"Achieving technology milestones while cutting expenses and reducing supply BOISE, Idaho, March 28, 2023 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2023, which ended March 2, 2023. Fiscal Q2 2023 highlights Revenue of $3.69 billion versus $4.09 billion for the prior quarter and $7.79 billion for the same period last yearGAAP net loss of $2.31 billion, or $2.12 per diluted shareNon-GAAP net loss of $2.08 billion, or $1.91 per diluted shareInventory write-downs of $1.43 billion, impact of $1.34 per diluted shareOperating cash flow of $343 million versus $943 million for the prior quarter and $3.63 billion for the same period last year “Micron delivered fiscal second quarter revenue within our guidance range in a challenging market environment,” said Micron Technology President and CEO Sanjay Mehrotra. “Customer inventories are getting better, and we expect gradual improvements to the industry’s supply-demand balance. We remain confident in long-term demand and are investing prudently to preserve our technology and product portfolio competitiveness.” Quarterly Financial Results(in millions, except per share amounts)GAAP(1) Non-GAAP(2)FQ2-23FQ1-23FQ2-22 FQ2-23FQ1-23FQ2-22 Revenue$3,693 $4,085 $7,786 $3,693 $4,085 $7,786 Gross margin (1,206) 893 3,676 (1,161) 934 3,724 percent of revenue (32.7%) 21.9% 47.2% (31.4%) 22.9% 47.8%Operating expenses 1,097 1,102 1,130 916 999 974 Operating income (loss) (2,303) (209) 2,546 (2,077) (65) 2,750 percent of revenue (62.4%) (5.1%) 32.7% (56.2%) (1.6%) 35.3%Net income (loss) (2,312) (195) 2,263 (2,081) (39) 2,444 Diluted earnings (loss) per share (2.12) (0.18) 2.00 (1.91) (0.04) 2.14 Investments in capital expenditures, net(2) were $2.16 billion for the second quarter of 2023, which resulted in adjusted free cash flows(2) of negative $1.81 billion. Micron ended the second quarter of 2023 with cash, marketable investments, and restricted cash of $12.12 billion. Micron’s Board of Directors has declared a quarterly dividend of $0.115 per share, payable in cash on April 25, 2023, to shareholders of record as of the close of business on April 10, 2023. Business Outlook The table below presents Micron’s guidance for the third quarter of 2023. This guidance assumes a write down of approximately $500 million associated with inventory p...