Micron Technology, Inc. · Q3 2022 earnings

Briefing

Micron achieved record revenue driven by excellent execution, but faced a weakened industry demand environment.

Micron Technology, Inc. reported record revenue for the third quarter of fiscal 2022, driven by strong execution. However, the company acknowledged a weakening industry demand environment and is taking steps to moderate supply growth in fiscal 2023. The company is confident in the long-term demand for memory and storage.

• Revenue reached $8.64 billion, compared to $7.79 billion in the prior quarter and $7.42 billion in the same period last year.
• GAAP net income was $2.63 billion, or $2.34 per diluted share.
• Non-GAAP net income was $2.94 billion, or $2.59 per diluted share.
• Operating cash flow was $3.84 billion, compared to $3.63 billion in the prior quarter and $3.56 billion for the same period last year.

Headline financials

Revenue & EPS history

Micron's guidance for the fourth quarter of 2022 includes revenue of $7.2 billion ± $400 million, a gross margin of 41.5% ± 1.5% (GAAP) or 42.5% ± 1.5% (Non-GAAP), operating expenses of $1.13 billion ± $25 million (GAAP) or $1.05 billion ± $25 million (Non-GAAP), and diluted earnings per share of $1.52 ± $0.20 (GAAP) or $1.63 ± $0.20 (Non-GAAP).