Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2024 Industry-leading technology and products address the growing demand for AI solutions BOISE, Idaho, Dec. 20, 2023 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2024, which ended November 30, 2023. Fiscal Q1 2024 highlights — Revenue of $4.73 billion versus $4.01 billion for the prior quarter and $4.09 billion for the same period last year — GAAP net loss of $1.23 billion, or $1.12 per diluted share — Non-GAAP net loss of $1.05 billion, or $0.95 per diluted share — Operating cash flow of $1.40 billion versus $249 million for the prior quarter and $943 million for the same period last year “Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” said Micron Technology President and CEO Sanjay Mehrotra. “We expect our business fundamentals to improve throughout

Micron Technology’s Execution, Pricing Drove Better-Than-Anticipated 1Q Results, CEO Says。

By Tae Kim Micron Technology posted better-than- expected results for its November quarter, sending the stock higher in after-hours trading Wednesday. The semiconductor company reported an adjusted loss of 95 cents a share for its fiscal first quarter, compared with the consensus call for a loss of $1.01 among analysts tracked by FactSet. Revenue came in at $4.73 billion for the period, which was slightly above analysts’ expectations for $4.58 billion. For the current quarter, Micron offered a revenue forecast of $5.3 billion at the midpoint of its range, which was also above the consensus of $4.97 billion. “Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” Micron Technology CEO Sanjay Mehrotra said in the news release. “We expect our business fundamentals to improve throughout 2024.” Micron shares initially rose as much as 3.6% in late trading Wednesday following the results. The company is a leader in the

Micron Technology (MU) late Wednesday posted a smaller-than-projected fiscal first-quarter loss, while its revenue surpassed Wall Street’s estimates amid higher pricing. The memory and storage product maker’s adjusted per-share loss grew to $0.95 during the three months ended Nov. 30 from $0.04 a year earlier, but came in better than the $1.01 loss modeled in a Capital IQ-polled consensus. Revenue rose to $4.73 billion from $4.09 billion, topping the Street’s $4.63 billion view. The stock was advancing 5% in after-hours activity. “Micron’s strong execution and pricing drove better-than-anticipated first-quarter financial results,” Chief Executive Sanjay Mehrotra said in a statement. An improved supply-demand environment gives the company additional confidence in the business’ trajectory, Mehrotra said in prepared remarks posted on the company’s website. Micron forecasts a second-quarter adjusted loss of $0.28 per share, plus or minus $0.07, on revenue of $5.30 billion, plus or minus $200 million. The consensus is for

The following is a summary of the Micron Technology, Inc. (MU) Q1 2024 Earnings Call Transcript: Financial Performance: In Q1 2024, Micron reported total revenue of approximately $4.7 billion, up 18% sequentially and 16% YoY. DRAM revenue stood at $3.4 billion, reflecting a sequential increase of 24%. NAND revenue for Q1 was $1.2 billion, a 2% sequential increase. The company reported an operating loss of $955 million and a non-GAAP loss per share of $0.95. Micron’s negative free cash flow reached $333 million. For Q2 2024, Micron expects its revenue to be approximately $5.3 billion with a gross margin of around 13%. Business Progress: Micron’s strong portfolio is placed in high demand sectors such as PCs, smartphones, and data centers, maintaining supply discipline. The growth from deployment of AI and advancement in product development positions Micron to leverage AI’s growth. Growing optimism regarding HBM due to its potential high-demand applications,