BOISE, Idaho, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2024, which ended November 30, 2023.
Fiscal Q1 2024 highlights
- Revenue of $4.73 billion versus $4.01 billion for the prior quarter and $4.09 billion for the same period last year
- GAAP net loss of $1.23 billion, or $1.12 per diluted share
- Non-GAAP net loss of $1.05 billion, or $0.95 per diluted share
- Operating cash flow of $1.40 billion versus $249 million for the prior quarter and $943 million for the same period last year
“Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” said Micron Technology President and CEO Sanjay Mehrotra. “We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025. Our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets.”
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts)
| GAAP (1) | Non-GAAP (2) | |||||||||||||||||
| FQ1-24 | FQ4-23 | FQ1-23 | FQ1-24 | FQ4-23 | FQ1-23 | ||||||||||||||
| Revenue | $ | 4,726 | $ | 4,010 | $ | 4,085 | $ | 4,726 | $ | 4,010 | $ | 4,085 | |||||||
| Gross margin | (35 | ) | (435 | ) | 893 | 37 | (366 | ) | 934 | ||||||||||
| percent of revenue | (0.7 | %) | (10.8 | %) | 21.9 | % | 0.8 | % | (9.1 | %) | 22.9 | % | |||||||
| Operating expenses | 1,093 | 1,037 | 1,102 | 992 | 842 | 999 | |||||||||||||
| Operating income (loss) | (1,128 | ) | (1,472 | ) | (209 | ) | (955 | ) | (1,208 | ) | (65 | ) | |||||||
| percent of revenue | (23.9 | %) | (36.7 | %) | (5.1 | %) | (20.2 | %) | (30.1 | %) | (1.6 | %) | |||||||
| Net income (loss) | (1,234 | ) | (1,430 | ) | (195 | ) | (1,048 | ) | (1,177 | ) | (39 | ) | |||||||
| Diluted earnings (loss) per share | (1.12 | ) | (1.31 | ) | (0.18 | ) | (0.95 | ) | (1.07 | ) | (0.04 | ) | |||||||
