Achieving technology milestones while cutting expenses and reducing supply
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.”
Investments in capital expenditures, net (2) were $2.16 billion for the second quarter of 2023, which resulted in adjusted free cash flows(2) of negative $1.81 billion. Micron ended the second quarter of 2023 with cash, marketable investments, and restricted cash of $12.12 billion. 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.
Business Outlook
The table below presents Micron’s guidance for the third quarter of 2023. This guidance assumes a write down of approximately $500 million associated with inventory produced during the third quarter, impacting both GAAP and non-GAAP diluted earnings (loss) per share by approximately $0.45.
| FQ3-23 | GAAP (1) Outlook | Non-GAAP (2) Outlook |
| Revenue | $3.70 billion ± $200 million | $3.70 billion ± $200 million |
| Gross margin | (23.0%) ± 2.5% | (21.0%) ± 2.5% |
| Operating expenses | $1.07 billion ± $15 million | $900 million ± $15 million |
| Diluted earnings (loss) per share | ($1.79) ± $0.07 | ($1.58) ± $0.07 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
