Micron announces fourth quarter and full-year financial results for fiscal year 2023

Micron has unveiled its financial results for the fourth quarter of fiscal year 2023, which ended on August 31st. The quarter’s revenue stood at $4.01 billion, a modest ascent from the previous quarter’s $3.75 billion, marking a sequential growth of 7%. This surpasses market expectations of $3.93 billion. However, when juxtaposed with the $6.64 billion from the same quarter of the preceding fiscal year, it reveals a year-over-year decline of 40%. A net loss of approximately $1.43 billion was reported, a stark contrast to the net profit of $1.49 billion in the analogous period of the prior fiscal year. Earnings per share (EPS) experienced a diluted loss of $1.31, and the operating cash flow registered at $249 million, a leap from the prior quarter’s $24 million but significantly trailing the $3.78 billion from the corresponding period of the previous fiscal year.

For the first quarter of fiscal 2024, Micron projects revenues approximating $4.4 billion, with a possible variance of $200 million, which is a bullish stand against the market’s anticipation of $4.21 billion. The projected diluted EPS loss hovers around $1.07, with an elasticity of $0.07. For the entirety of fiscal 2024, capital expenditures are envisaged to “slightly exceed” those of 2023, while pricing dynamics and profitability are anticipated to witness enhancements.

Furthermore, Micron’s annual financial statement for fiscal 2023 depicts a revenue of $15.54 billion, reflecting a precipitous decline from the prior fiscal’s $30.76 billion, a contraction of 49%. Revenues from DRAM products plummeted by 51% to $11 billion, constituting 71% of Micron’s total revenue. Revenues from NAND flash products dwindled by 46% to $4.2 billion, making up 27% of the overall revenue. The net loss was a staggering $5.83 billion, contrasting sharply with the previous fiscal’s net profit of $8.69 billion. The diluted EPS loss was $5.34, whereas the preceding fiscal year had a diluted earning of $7.75 per share.

“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.”