March 28, 2023 – Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2023, which ended March 2, 2023.
Analyst Forecast
Micron Technology (NASDAQ:MU) reported a fiscal Q2 non-GAAP loss of $1.91 per diluted share, compared with earnings of $2.14 a year earlier.
Analysts polled by Capital IQ expected a loss of $0.88 per share.
Revenue for the quarter ended March 2 was $3.69 billion, down from $7.79 billion a year earlier.
Analysts surveyed by Capital IQ expected $3.71 billion.
The company said it expects a Q3 loss of $1.58 per diluted share, plus or minus $0.07, and revenue of $3.70 billion, plus or minus $200 million.
Analysts polled by Capital IQ expect a loss of $0.92 per share and revenue of $3.75 billion for the quarter.
Fiscal Q2 2023 Financian
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。
Earnings Guidance
presents Micron’s guidance for the third quarter of 2023.
GAAP Revenue $3.70 billion ± $200 million，Diluted earnings (loss) per share ($1.79) ± $0.07，Non-GAAP Diluted earnings (loss) per share ($1.58) ± $0.07。
Cash Dividend
Micron’s Board of Directors has declared a quarterly dividend of $0.115 per share, payable in cash on April 25, 2023, to shareholders of record as of the close of business on April 10, 2023.
CEO
“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.”
About Micron Technology (NASDAQ:MU)
We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.