BOISE, Idaho, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2023, which ended August 31, 2023.
Fiscal Q4 2023 highlights
- Revenue of $4.01 billion versus $3.75 billion for the prior quarter and $6.64 billion for the same period last year
- GAAP net loss of $1.43 billion, or $1.31 per diluted share
- Non-GAAP net loss of $1.18 billion, or $1.07 per diluted share
- Operating cash flow of $249 million versus $24 million for the prior quarter and $3.78 billion for the same period last year
Fiscal 2023 highlights
- Revenue of $15.54 billion versus $30.76 billion for the prior year
- GAAP net loss of $5.83 billion, or $5.34 per diluted share
- Non-GAAP net loss of $4.86 billion, or $4.45 per diluted share
- Operating cash flow of $1.56 billion versus $15.18 billion for the prior year
“During fiscal 2023, amid a challenging environment for the memory and storage industry, Micron sustained technology leadership, launched a significant number of leading-edge products, and took decisive actions on supply and cost,” said Micron Technology President and CEO Sanjay Mehrotra. “Our 2023 performance positions us well as a market recovery takes shape in 2024, driven by increasing demand and disciplined supply. We look forward to record industry TAM revenue in 2025 as AI proliferates from the data center to the edge.”
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts)
| GAAP (1) | Non-GAAP (2) | |||||||||||||||||
| FQ4-23 | FQ3-23 | FQ4-22 | FQ4-23 | FQ3-23 | FQ4-22 | ||||||||||||||
| Revenue | $ | 4,010 | $ | 3,752 | $ | 6,643 | $ | 4,010 | $ | 3,752 | $ | 6,643 | |||||||
| Gross margin | (435 | ) | (668 | ) | 2,622 | (366 | ) | (603 | ) | 2,676 | |||||||||
| percent of revenue | (10.8 | %) | (17.8 | %) | 39.5 | % | (9.1 | %) | (16.1 | %) | 40.3 | % | |||||||
| Operating expenses | 1,037 | 1,093 | 1,101 | 842 | 866 | 1,014 | |||||||||||||
| Operating income (loss) | (1,472 | ) | (1,761 | ) | 1,521 | (1,208 | ) | (1,469 | ) | 1,662 | |||||||||
| percent of revenue | (36.7 | %) | (46.9 | %) | 22.9 | % | (30.1 | %) | (39.2 | %) | 25.0 | % | |||||||
| Net income (loss) | (1,430 | ) | (1,896 | ) | 1,492 | (1,177 | ) | (1,565 | ) | 1,621 | |||||||||
| Diluted earnings (loss) per share | (1.31 | ) | (1.73 | ) | 1.35 | (1.07 | ) | (1.43 | ) | 1.45 | |||||||||
