Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2022

BOISE, Idaho, June 30, 2022 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2022, which ended June 2, 2022.

Fiscal Q3 2022 highlights

  • Revenue of $8.64 billion versus $7.79 billion for the prior quarter and $7.42 billion for the same period last year
  • GAAP net income of $2.63 billion, or $2.34 per diluted share
  • Non-GAAP net income of $2.94 billion, or $2.59 per diluted share
  • Operating cash flow of $3.84 billion versus $3.63 billion for the prior quarter and $3.56 billion for the same period last year

“Micron delivered record revenue in the fiscal third quarter driven by our team’s excellent execution across technology, products and manufacturing,” said Micron Technology President and CEO Sanjay Mehrotra. “Recently, the industry demand environment has weakened, and we are taking action to moderate our supply growth in fiscal 2023. We are confident about the long-term secular demand for memory and storage and are well positioned to deliver strong cross-cycle financial performance.”

Quarterly Financial Results
  GAAP (1)  Non-GAAP (2)
(in millions, except per share amounts) FQ3-22 FQ2-22 FQ3-21  FQ3-22 FQ2-22 FQ3-21
        
Revenue$8,642 $7,786 $7,422  $8,642 $7,786 $7,422 
Gross margin 4,035  3,676  3,126   4,097  3,724  3,185 
percent of revenue 46.7% 47.2% 42.1%  47.4 %   47.8 %   42.9 %
Operating expenses   1,031     1,130     1,327       953     974     821  
Operating income   3,004     2,546     1,799       3,144     2,750     2,364  
percent of revenue   34.8 %   32.7 %   24.2 %     36.4 %   35.3 %   31.9 %
Net income   2,626     2,263     1,735       2,939     2,444     2,173  
Diluted earnings per share   2.34     2.00     1.52       2.59     2.14     1.88  
                                       

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