Micron Reports Results for the First Quarter of Fiscal 2023
BOISE, Idaho, Dec. 22, 2022 — Micron Technology, Inc. (Nasdaq: MU) yesterday announced results for its first quarter of fiscal 2023, which ended December 1, 2022.
Fiscal Q1 2023 highlights
- Revenue of $4.09 billion versus $6.64 billion for the prior quarter and $7.69 billion for the same period last year
- GAAP net loss of $195 million, or $0.18 per diluted share
- Non-GAAP net loss of $39 million, or $0.04 per diluted share
- Operating cash flow of $943 million versus $3.78 billion for the prior quarter and $3.94 billion for the same period last year
“Micron delivered fiscal first quarter revenue and EPS within guidance ranges despite challenging conditions during the quarter,” said Micron Technology President and CEO Sanjay Mehrotra. “Micron’s strong technology, manufacturing and financial position put us on solid footing to navigate the near-term environment, and we are taking decisive actions to cut our supply and expenses. We expect improving customer inventories to enable higher revenue in the fiscal second half, and to deliver strong profitability once we get past this downturn.”
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||||||||
| FQ1-23 | FQ4-22 | FQ1-22 | FQ1-23 | FQ4-22 | FQ1-22 | ||||||||||||||
| Revenue | $ | 4,085 | $ | 6,643 | $ | 7,687 | $ | 4,085 | $ | 6,643 | $ | 7,687 | |||||||
| Gross margin | 893 | 2,622 | 3,565 | 934 | 2,676 | 3,616 | |||||||||||||
| percent of revenue | 21.9 | % | 39.5 | % | 46.4 | % | 22.9 | % | 40.3 | % | 47.0 | % | |||||||
| Operating expenses | 1,102 | 1,101 | 934 | 999 | 1,014 | 891 | |||||||||||||
| Operating income (loss) | (209 | ) | 1,521 | 2,631 | (65 | ) | 1,662 | 2,725 | |||||||||||
| percent of revenue | (5.1 | %) | 22.9 | % | 34.2 | % | (1.6 | %) | 25.0 | % | 35.4 | % | |||||||
| Net income (loss) | (195 | ) | 1,492 | 2,306 | (39 | ) | 1,621 | 2,471 | |||||||||||
| Diluted earnings (loss) per share | (0.18 | ) | 1.35 | 2.04 | (0.04 | ) | 1.45 | 2.16 | |||||||||||
Investments in capital expenditures, net(2) were $2.47 billion for the first quarter of 2023, which resulted in adjusted free cash flows(2) of negative $1.53 billion. Micron repurchased approximately 8.6 million shares of its common stock for $425 million during the first quarter of 2023 and ended the quarter with cash, marketable investments, and restricted cash of $12.08 billion, for a net cash(2) position of $1.81 billion. Micron’s Board of Directors has declared a quarterly dividend of $0.115 per share, payable in cash on January 19, 2023, to shareholders of record as of the close of business on January 3, 2023.
Business Outlook
The following table presents Micron’s guidance for the second quarter of 2023:
| FQ2-23 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
| Revenue | $3.80 billion ± $200 million | $3.80 billion ± $200 million |
| Gross margin | 7.5% ± 2.5% | 8.5% ± 2.5% |
| Operating expenses | $1.08 billion ± $15 million | $945 million ± $15 million |
| Diluted earnings (loss) per share | ($0.79) ± $0.10 | ($0.62) ± $0.10 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Wednesday, December 21, 2022 at 2:30 p.m. Mountain Time to discuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.
About Micron Technology, Inc.
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.
Source: Micron Technology, Inc.
