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Aug 31, 2023
Micron Q4 2023 Earnings Report
Micron's financial performance was impacted by challenging market conditions, but the company sustained technology leadership and took decisive actions on supply and cost.
Key Takeaways
Micron Technology, Inc. reported its Q4 and full year fiscal 2023 results. The company's Q4 revenue was $4.01 billion, with a GAAP net loss of $1.43 billion, or $1.31 per diluted share. The company is optimistic about a market recovery in 2024.
Q4 revenue reached $4.01 billion, surpassing the prior quarter's $3.75 billion but lower than the previous year's $6.64 billion.
GAAP net loss for Q4 was $1.43 billion, or $1.31 per diluted share.
Non-GAAP net loss for Q4 was $1.18 billion, or $1.07 per diluted share.
Operating cash flow for Q4 was $249 million, a significant increase from the prior quarter's $24 million.
Micron
Micron
Forward Guidance
Micron's guidance for the first quarter of 2024 includes revenue of $4.40 billion ± $200 million, GAAP gross margin of (-6.0%) ± 2.0%, operating expenses of $1.01 billion ± $15 million, and diluted loss per share of ($1.24) ± $0.07.
Positive Outlook
- Revenue is expected to be $4.40 billion ± $200 million.
- Non-GAAP gross margin is projected at (-4.0%) ± 2.0%.
- Non-GAAP operating expenses are anticipated to be $900 million ± $15 million.
- Non-GAAP diluted loss per share is forecasted at ($1.07) ± $0.07.
Challenges Ahead
- GAAP gross margin is expected to be (-6.0%) ± 2.0%.
- Operating expenses are projected at $1.01 billion ± $15 million.
- Diluted loss per share is forecasted at ($1.24) ± $0.07.