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Nov 30, 2023
Micron Q1 2024 Earnings Report
Micron's first quarter financial results exceeded expectations due to robust execution and pricing.
Key Takeaways
Micron Technology, Inc. reported first quarter fiscal 2024 results with revenue of $4.73 billion, a GAAP net loss of $1.23 billion, and non-GAAP net loss of $1.05 billion. The company's performance was driven by strong execution and pricing, and it anticipates business fundamentals to improve throughout 2024.
Revenue was $4.73 billion, exceeding both the prior quarter ($4.01 billion) and the same period last year ($4.09 billion).
GAAP net loss was $1.23 billion, or $1.12 per diluted share.
Non-GAAP net loss was $1.05 billion, or $0.95 per diluted share.
Operating cash flow was $1.40 billion, significantly higher than the prior quarter ($249 million) and the same period last year ($943 million).
Forward Guidance
Micron provided guidance for the second quarter of fiscal 2024, with revenue expected to be $5.30 billion ± $200 million.
Positive Outlook
- Revenue: $5.30 billion ± $200 million
- Gross margin: 12.0% ± 1.5%
- Non-GAAP Revenue: $5.30 billion ± $200 million
- Non-GAAP Gross margin: 13.0% ± 1.5%
- Non-GAAP Operating expenses: $950 million ± $15 million
Challenges Ahead
- Diluted earnings (loss) per share: ($0.45) ± $0.07
- Operating expenses: $1.07 billion ± $15 million
- Non-GAAP Diluted earnings (loss) per share: ($0.28) ± $0.07
Historical Earnings Impact
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Avg. Return Before/After Earnings
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