Micron Technology, Inc. · Q2 2023 earnings

Briefing

Micron's Q2 2023 revenue was within guidance, but the company experienced a GAAP net loss due to a challenging market environment and inventory write-downs.

Micron Technology, Inc. reported a revenue of $3.69 billion for Q2 2023, within the guidance range, but experienced a GAAP net loss of $2.31 billion, or $2.12 per diluted share, primarily due to inventory write-downs of $1.43 billion. The company is cutting expenses and reducing supply.

• Revenue was $3.69 billion, compared to $4.09 billion in the previous quarter and $7.79 billion in the same period last year.
• GAAP net loss was $2.31 billion, or $2.12 per diluted share.
• Non-GAAP net loss was $2.08 billion, or $1.91 per diluted share.
• Inventory write-downs amounted to $1.43 billion, impacting diluted earnings per share by $1.34.

Headline financials

Revenue & EPS history

Micron's guidance for the third quarter of 2023 anticipates revenue of $3.70 billion ± $200 million, a GAAP gross margin of (23.0%) ± 2.5%, operating expenses of $1.07 billion ± $15 million, and a diluted loss per share of ($1.79) ± $0.07. This guidance includes an estimated $500 million write-down associated with inventory produced during the quarter, impacting both GAAP and non-GAAP diluted earnings (loss) per share by approximately $0.45.