Micron Q1 2024 Earnings Report
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).
Micron
Micron
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