Micron Q2 2022 Earnings Report
Key Takeaways
Micron Technology, Inc. reported strong Q2 2022 results, exceeding the high end of its guidance for both revenue and margin. The company delivered revenue of $7.79 billion, GAAP net income of $2.26 billion, and non-GAAP net income of $2.44 billion. Micron is on track to deliver record revenue and robust profitability in fiscal 2022.
Revenue reached $7.79 billion, surpassing the prior quarter's $7.69 billion and the previous year's $6.24 billion.
GAAP net income was $2.26 billion, or $2.00 per diluted share.
Non-GAAP net income amounted to $2.44 billion, or $2.14 per diluted share.
Operating cash flow was $3.63 billion.
Adjusted free cash flow was $1.03 billion.
Micron
Micron
Forward Guidance
Micron's guidance for the third quarter of 2022 includes revenue of $8.7 billion ± $200 million, gross margin of 47.0% ± 1%, operating expenses of $1.13 billion ± $25 million, and diluted earnings per share of $2.33 ± $0.10.
Positive Outlook
- Revenue: $8.7 billion ± $200 million
- Gross margin: 48.0% ± 1% (Non-GAAP)
- Operating expenses: $1.05 billion ± $25 million (Non-GAAP)
- Diluted earnings per share: $2.46 ± $0.10 (Non-GAAP)
Challenges Ahead
- Operating expenses: $1.13 billion ± $25 million (GAAP)
- Gross margin: 47.0% ± 1% (GAAP)
- Diluted earnings per share: $2.33 ± $0.10 (GAAP)