Micron Q3 2023 Earnings Report
Key Takeaways
Micron Technology, Inc. reported a revenue of $3.75 billion for Q3 2023, surpassing the prior quarter's $3.69 billion but lower than the $8.64 billion for the same period last year. The company experienced a GAAP net loss of $1.90 billion, or $1.73 per diluted share, and a non-GAAP net loss of $1.57 billion, or $1.43 per diluted share. Micron believes the memory industry has passed its revenue trough, but faces headwinds from a recent CAC decision.
Q3 revenue was $3.75 billion, exceeding the midpoint of the guidance range.
GAAP net loss was $1.90 billion, or $1.73 per diluted share.
Non-GAAP net loss was $1.57 billion, or $1.43 per diluted share.
The company anticipates gradual restoration of industry supply-demand balance and margin improvements.
Micron
Micron
Forward Guidance
Micron's guidance for the fourth quarter of 2023 includes revenue of $3.90 billion ± $200 million, a GAAP gross margin of -12.5% ± 2.5%, GAAP operating expenses of $946 million ± $15 million, and a GAAP diluted loss per share of $1.34 ± $0.07.
Positive Outlook
- Revenue: $3.90 billion ± $200 million
- Non-GAAP Gross margin: (10.5%) ± 2.5%
- Non-GAAP Operating expenses: $845 million ± $15 million
Challenges Ahead
- GAAP Gross margin: (12.5%) ± 2.5%
- GAAP Operating expenses: $946 million ± $15 million
- GAAP Diluted earnings (loss) per share: ($1.34) ± $0.07
- Non-GAAP Diluted earnings (loss) per share: ($1.19) ± $0.07