Micron Q1 2023 Earnings Report
Key Takeaways
Micron Technology, Inc. reported a revenue of $4.09 billion for the first quarter of fiscal 2023, with a GAAP net loss of $195 million, or $0.18 per diluted share, and a non-GAAP net loss of $39 million, or $0.04 per diluted share. The company is taking actions to cut supply and expenses, anticipating improved customer inventories and stronger profitability in the fiscal second half.
Revenue was $4.09 billion, compared to $6.64 billion in the prior quarter and $7.69 billion in the same period last year.
GAAP net loss was $195 million, or $0.18 per diluted share.
Non-GAAP net loss was $39 million, or $0.04 per diluted share.
Operating cash flow was $943 million, compared to $3.78 billion in the prior quarter and $3.94 billion in the same period last year.
Micron
Micron
Forward Guidance
Micron's guidance for the second quarter of 2023 includes revenue of $3.80 billion ± $200 million, a GAAP gross margin of 7.5% ± 2.5%, operating expenses of $1.08 billion ± $15 million, and a diluted loss per share of ($0.79) ± $0.10.