Micron Q4 2023 Earnings Report
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.