BOISE, Idaho, June 28, 2023 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2023, which ended June 1, 2023.
Fiscal Q3 2023 highlights
- Revenue of $3.75 billion versus $3.69 billion for the prior quarter and $8.64 billion for the same period last year
- GAAP net loss of $1.90 billion, or $1.73 per diluted share
- Non-GAAP net loss of $1.57 billion, or $1.43 per diluted share
- Operating cash flow of $24 million versus $343 million for the prior quarter and $3.84 billion for the same period last year
“Micron delivered fiscal third quarter revenue, gross margin, and EPS all above the midpoint of the guidance range,” said Micron Technology President and CEO Sanjay Mehrotra. “We believe that the memory industry has passed its trough in revenue, and we expect margins to improve as industry supply-demand balance is gradually restored. The recent Cyberspace Administration of China (“CAC”) decision is a significant headwind that is impacting our outlook and slowing our recovery. Longer-term, Micron’s technology leadership, product portfolio, and operational excellence continues to strengthen our competitive positioning across diverse growth markets, including AI and memory-centric computing.”
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts)
| GAAP (1) | Non-GAAP (2) | |||||||||||||||||
| FQ3-23 | FQ2-23 | FQ3-22 | FQ3-23 | FQ2-23 | FQ3-22 | ||||||||||||||
| Revenue | $ | 3,752 | $ | 3,693 | $ | 8,642 | $ | 3,752 | $ | 3,693 | $ | 8,642 | |||||||
| Gross margin | (668 | ) | (1,206 | ) | 4,035 | (603 | ) | (1,161 | ) | 4,097 | |||||||||
| percent of revenue | (17.8 | %) | (32.7 | %) | 46.7 | % | (16.1 | %) | (31.4 | %) | 47.4 | % | |||||||
| Operating expenses | 1,093 | 1,097 | 1,031 | 866 | 916 | 953 | |||||||||||||
| Operating income (loss) | (1,761 | ) | (2,303 | ) | 3,004 | (1,469 | ) | (2,077 | ) | 3,144 | |||||||||
| percent of revenue | (46.9 | %) | (62.4 | %) | 34.8 | % | (39.2 | %) | (56.2 | %) | 36.4 | % | |||||||
| Net income (loss) | (1,896 | ) | (2,312 | ) | 2,626 | (1,565 | ) | (2,081 | ) | 2,939 | |||||||||
| Diluted earnings (loss) per share | (1.73 | ) | (2.12 | ) | 2.34 | (1.43 | ) | (1.91 | ) | 2.59 | |||||||||
