Press release
Micron Updates First Quarter Fiscal 2024 Guidance
BOISE, Idaho, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) (the “Company”) today announced that it is updating its revenue, gross
About this update from Micron Technology, Inc.
[{"type":"text","content":"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 $4.7BGross 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 $990MDiluted 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) AStock-based compensation – cost of goods sold $66 AOther – cost of goods sold 4 BStock-based compensation – research and development 69 BStock-based compensation – sales, general, and administrative 44 CTax effects of the above items and other tax adjustments (1) $182 (1) GAAP and non-GAAP earnings (loss) per share based on approximately 1.10 billion diluted shares. The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook, with a non-GAAP tax assumption consistent with previously provided guidance of $80 million. The guidance does not incorporate the impact of any potential balance sheet valuation adjustments, tax-related adjustments, or ...