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Achieving technology milestones while cutting expenses and reducing supply
Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2023, which ended March 2, 2023.
Fiscal Q2 2023 highlights
- Revenue of $3.69 billion versus $4.09 billion for the prior quarter and $7.79 billion for the same period last year
- GAAP net loss of $2.31 billion, or $2.12 per diluted share
- Non-GAAP net loss of $2.08 billion, or $1.91 per diluted share
- Inventory write-downs of $1.43 billion, impact of $1.34 per diluted share
- Operating cash flow of $343 million versus $943 million for the prior quarter and $3.63 billion for the same period last year
"Micron delivered fiscal second quarter revenue within our guidance range in a challenging market environment," said Micron Technology President and CEO Sanjay Mehrotra. "Customer inventories are getting better, and we expect gradual improvements to the industry's supply-demand balance. We remain confident in long-term demand and are investing prudently to preserve our technology and product portfolio competitiveness."
Investments in capital expenditures, net ( 2) were $2.16 billion for the second quarter of 2023, which resulted in adjusted free cash flows (2) of negative $1.81 billion. Micron ended the second quarter of 2023 with cash, marketable investments, and restricted cash of $12.12 billion. Micron's Board of Directors has declared a quarterly dividend of $0.115 per share, payable in cash on April 25, 2023, to shareholders of record as of the close of business on April 10, 2023.
Business Outlook
The table below presents Micron's guidance for the third quarter of 2023. This guidance assumes a write down of approximately $500 million associated with inventory produced during the third quarter, impacting both GAAP and non-GAAP diluted earnings (loss) per share by approximately $0.45.
Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com .
Investor Webcast
Micron will host a conference call on Tuesday, March 28, 2023 at 2:30 p.m. Mountain Time to discuss its second quarter financial results and provide forward-looking guidance for its third quarter. A live webcast of the call will be available online at investors.micron.com . A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech .
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all . With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com .
© 2023 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at micron.com/certainfactors . Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
