Micron Technology introduces Q4 and FY2023 financial results, showcasing impressive performance.

In an announcement today, Micron Technology Inc. revealed its financial results for the fourth quarter and full year of fiscal 2023, which concluded on August 31, 2023. Despite facing challenges in the memory and storage industry, Micron managed to maintain its position as a technology leader throughout the year. The company successfully launched numerous products and made strategic decisions regarding supply and cost.

Sanjay Mehrotra, President and CEO of Micron Technology, expressed his satisfaction with the company’s performance during fiscal 2023. He emphasized that their achievements have positioned them well for the anticipated market recovery in 2024. Mehrotra attributed this recovery to the increasing demand for their products and their disciplined supply management. He also highlighted the potential growth in revenue as artificial intelligence (AI) expands from data centers to the edge, predicting record industry TAM revenue in 2025.

During the fourth quarter of 2023, Micron invested $1.01 billion in capital expenditures, net, and a total of $7.01 billion for the full year. However, these investments resulted in negative adjusted free cash flows of $758 million for the fourth quarter and negative $5.45 billion for the full year. Despite this, Micron ended the year with a strong financial position, boasting cash, marketable investments, and restricted cash amounting to $10.52 billion.

Furthermore, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share on September 27, 2023. This dividend will be paid in cash on October 25, 2023, to shareholders of record as of October 10, 2023.

Let’s delve into the financial highlights of Micron’s fourth quarter and full year of fiscal 2023:

– Revenue for the fourth quarter reached $4.01 billion, surpassing the $3.75 billion from the previous quarter but falling short of the $6.64 billion generated during the same period last year.

– Micron reported a GAAP net loss of $1.43 billion, equivalent to a loss of $1.31 per diluted share. On a non-GAAP basis, the net loss was $1.18 billion, or $1.07 per diluted share.

– Operating cash flow for the fourth quarter amounted to $249 million, a significant improvement compared to $24 million in the previous quarter but lower than the $3.78 billion achieved during the same period last year.

Now, let’s take a look at the financial highlights for fiscal 2023:

– Revenue for the full year of 2023 totaled $15.54 billion, a decline from the $30.76 billion generated in the previous year.

– Micron reported a GAAP net loss of $5.83 billion, or $5.34 per diluted share. On a non-GAAP basis, the net loss was $4.86 billion, or $4.45 per diluted share.

– Operating cash flow for the full year amounted to $1.56 billion, a decrease compared to the $15.18 billion achieved in the prior year.

Looking ahead, Micron provided its guidance for the first quarter of 2024, as shown in the table below:

[Insert table with Micron’s guidance for Q1 2024]

To discuss its fourth quarter financial results and provide forward-looking guidance for the first quarter of 2024, Micron will host a conference call on Wednesday, September 27, 2023, at 2:30 p.m. Mountain Time. The call will be accompanied by a live webcast available on investors.micron.com. A replay of the webcast will be accessible for one year following the call.