Micron Technology 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.
| FQ3-23 | GAAPOutlook | Non-GAAP Outlook |
| Revenue | $3.70 billion ± $200 million | $3.70 billion ± $200 million |
| Gross margin | (23.0%) ± 2.5% | (21.0%) ± 2.5% |
| Operating expenses | $1.07 billion ± $15 million | $900 million ± $15 million |
| Diluted earnings (loss) per share | ($1.79) ± $0.07 | ($1.58) ± $0.07 |
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