Micron Releases First Quarter Financial Report for Fiscal Year 2023

Micron recently released its financial report for the first quarter of the fiscal year 2023. According to the US General Accounting Principles (GAAP), Micron’s revenue for the fiscal quarter was $4.09 billion, affected by various factors such as the decline in demand for NAND flash memory worldwide and high customer inventory. Compared with the $6.64 billion in the previous fiscal quarter and the $7.69 billion in the same period last year, it decreased by 38% of the prior quarter and 47% from the same period last year; operating cash flow was $943 million, compared with $3.78 billion in the previous quarter and $3.94 billion in the same period last year, a decrease of 75% from the previous quarter and a 76% year-on-year decrease. The company’s net loss was $195 million.

Micron’s Computing and Networking Business Unit (CNBU) revenue in the first fiscal quarter of the fiscal year 2023 was $1.746 billion, a decrease of 40% month-on-month and a year-on-year decrease of 49%; Mobile Business Unit (MBU) revenue of $1.0 billion, down 23% quarter-over-quarter and 18% year-over-year; Embedded Business Unit (EBU) revenue of $655 million decreased 57% sequentially and 66% year-over-year.

Micron said that it will adapt to market changes by reducing capital expenditures, reducing costs, reducing wafer production volume, and slowing down the progress of process technology node conversion. The previously reported 1β process node will also delay production.

Micron expects to achieve revenue of $3.8 billion in the second fiscal quarter of 2023, with a fluctuation of $200 million; the gross profit margin is 7.5%, with a fluctuation of 2.5%; operating expenses were reduced to $1.085 billion, plus or minus 15 million.