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 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 year
  • GAAP net income of $803 million, or $0.71 per diluted share
  • Non-GAAP net income of $897 million, or $0.78 per diluted share
  • Operating 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)
FQ1-21 FQ4-20 FQ1-20  FQ1-21 FQ4-20 FQ1-20
        
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 revenue 15.0 % 19.1 % 10.1 %   16.9 % 21.5 % 11.5 %
Net income attributable to Micron 803   988   491     897   1,229   548  
Diluted earnings per share 0.71   0.87   0.43     0.78   1.08   0.48  

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