Thursday, September 28th 2023
Micron Technology Reports Results for the Fourth Quarter and Full Year of Fiscal 2023
Micron Technology Inc. today announced results for its fourth quarter and full year of fiscal 2023, which ended August 31, 2023.
"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."
Investments in capital expenditures, net were $1.01 billion for the fourth quarter of 2023 and $7.01 billion for the full year of 2023, which resulted in adjusted free cash flows of negative $758 million for the fourth quarter of 2023 and negative $5.45 billion for the full year of 2023. Micron ended the year with cash, marketable investments, and restricted cash of $10.52 billion. On September 27, 2023, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 25, 2023, to shareholders of record as of the close of business on October 10, 2023.Fiscal Q4 2023 highlights
The following table presents Micron's guidance for the first quarter of 2024:Investor Webcast
Micron will host a conference call on Wednesday, September 27, 2023 at 2:30 p.m. Mountain Time to discuss its fourth quarter financial results and provide forward-looking guidance for its first 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.
"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."
Investments in capital expenditures, net were $1.01 billion for the fourth quarter of 2023 and $7.01 billion for the full year of 2023, which resulted in adjusted free cash flows of negative $758 million for the fourth quarter of 2023 and negative $5.45 billion for the full year of 2023. Micron ended the year with cash, marketable investments, and restricted cash of $10.52 billion. On September 27, 2023, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 25, 2023, to shareholders of record as of the close of business on October 10, 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
- 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
The following table presents Micron's guidance for the first quarter of 2024:Investor Webcast
Micron will host a conference call on Wednesday, September 27, 2023 at 2:30 p.m. Mountain Time to discuss its fourth quarter financial results and provide forward-looking guidance for its first 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.