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: 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 year
  • GAAP net loss of $2.31 billion, or $2.12 per diluted share
  • Non-GAAP net loss of $2.08 billion, or $1.91 per diluted share
  • Inventory write-downs of $1.43 billion, impact of $1.34 per diluted share
  • Operating 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)
FQ2-23 FQ1-23 FQ2-22  FQ2-23 FQ1-23 FQ2-22
        
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  

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