Press Release

December 20, 2023 at 4:05 PM EST
Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2024

Industry-leading technology and products address the growing demand for AI solutions

BOISE, Idaho, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2024, which ended November 30, 2023.

Fiscal Q1 2024 highlights

  • Revenue of $4.73 billion versus $4.01 billion for the prior quarter and $4.09 billion for the same period last year
  • GAAP net loss of $1.23 billion, or $1.12 per diluted share
  • Non-GAAP net loss of $1.05 billion, or $0.95 per diluted share
  • Operating cash flow of $1.40 billion versus $249 million for the prior quarter and $943 million for the same period last year

“Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” said Micron Technology President and CEO Sanjay Mehrotra. “We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025. Our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets.”

Quarterly Financial Results
(in millions, except per share amounts)

GAAP(1) Non-GAAP(2)
FQ1-24FQ4-23FQ1-23 FQ1-24FQ4-23FQ1-23
Revenue$4,726 $4,010 $4,085  $4,726 $4,010 $4,085 
Gross margin (35) (435) 893   37  (366) 934 
percent of revenue (0.7%) (10.8%) 21.9%  0.8% (9.1%) 22.9%
Operating expenses 1,093  1,037  1,102   992  842  999 
Operating income (loss) (1,128) (1,472) (209)  (955) (1,208) (65)
percent of revenue (23.9%) (36.7%) (5.1%)  (20.2%) (30.1%) (1.6%)
Net income (loss) (1,234) (1,430) (195)  (1,048) (1,177) (39)
Diluted earnings (loss) per share (1.12) (1.31) (0.18)  (0.95) (1.07) (0.04)

Investments in capital expenditures, net(2) were $1.73 billion for the first quarter of 2024, which resulted in adjusted free cash flows(2) of negative $333 million for the first quarter of 2024. Micron ended the quarter with cash, marketable investments, and restricted cash of $9.84 billion. On December 20, 2023, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 18, 2024, to shareholders of record as of the close of business on January 2, 2024.

Business Outlook

The following table presents Micron’s guidance for the second quarter of 2024:

FQ2-24GAAP(1) OutlookNon-GAAP(2) Outlook
Revenue$5.30 billion ± $200 million$5.30 billion ± $200 million
Gross margin12.0% ± 1.5%13.0% ± 1.5%
Operating expenses$1.07 billion ± $15 million$950 million ± $15 million
Diluted earnings (loss) per share($0.45) ± $0.07($0.28) ± $0.07

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at

Investor Webcast

Micron will host a conference call on Wednesday, December 20, 2023 at 2:30 p.m. Mountain Time to discuss its first quarter financial results and provide forward-looking guidance for its second quarter. A live webcast of the call will be available online at A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow us on X @MicronTech.

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit

© 2023 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, technology trends and developments, our addressable market, and our financial and operating results, including our guidance for the second quarter of 2024. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and our upcoming Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

(1)GAAP represents U.S. Generally Accepted Accounting Principles.
(2)Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.


(In millions, except per share amounts)
 1st Qtr.4th Qtr.1st Qtr.
 November 30,
August 31,
December 1,
Revenue$4,726 $4,010 $4,085 
Cost of goods sold 4,761  4,445  3,192 
Gross margin (35) (435) 893 
Research and development 845  719  849 
Selling, general, and administrative 263  219  251 
Restructure and asset impairments   4  13 
Other operating (income) expense, net (15) 95  (11)
Operating income (loss) (1,128) (1,472) (209)
Interest income 132  134  88 
Interest expense (132) (129) (51)
Other non-operating income (expense), net (27) 9  (4)
  (1,155) (1,458) (176)
Income tax (provision) benefit (73) 24  (8)
Equity in net income (loss) of equity method investees (6) 4  (11)
Net income (loss)$(1,234)$(1,430)$(195)
Earnings (loss) per share   
Diluted (1.12) (1.31) (0.18)
Number of shares used in per share calculations   
Basic 1,100  1,095  1,090 
Diluted 1,100  1,095  1,090 

(In millions)
As ofNovember 30,
August 31,
Cash and equivalents$8,075 $8,577 
Short-term investments 973  1,017 
Receivables 2,943  2,443 
Inventories 8,276  8,387 
Other current assets 791  820 
Total current assets 21,058  21,244 
Long-term marketable investments 720  844 
Property, plant, and equipment 37,677  37,928 
Operating lease right-of-use assets 648  666 
Intangible assets 416  404 
Deferred tax assets 781  756 
Goodwill 1,150  1,150 
Other noncurrent assets 1,326  1,262 
Total assets$63,776 $64,254 
Liabilities and equity  
Accounts payable and accrued expenses$3,946 $3,958 
Current debt 908  278 
Other current liabilities 1,108  529 
Total current liabilities 5,962  4,765 
Long-term debt 12,597  13,052 
Noncurrent operating lease liabilities 601  603 
Noncurrent unearned government incentives 705  727 
Other noncurrent liabilities 1,026  987 
Total liabilities 20,891  20,134 
Commitments and contingencies  
Shareholders’ equity  
Common stock 124  124 
Additional capital 11,217  11,036 
Retained earnings 39,356  40,824 
Treasury stock (7,552) (7,552)
Accumulated other comprehensive income (loss) (260) (312)
Total equity 42,885  44,120 
Total liabilities and equity$63,776 $64,254 

(In millions)
Three months endedNovember 30,
December 1,
Cash flows from operating activities  
Net income (loss)$(1,234)$(195)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation expense and amortization of intangible assets 1,915  1,921 
Stock-based compensation 188  146 
Change in operating assets and liabilities:  
Receivables (501) 1,842 
Inventories 111  (1,697)
Accounts payable and accrued expenses 271  (630)
Other current liabilities 579  (430)
Other 72  (14)
Net cash provided by operating activities 1,401  943 
Cash flows from investing activities  
Expenditures for property, plant, and equipment (1,796) (2,449)
Purchases of available-for-sale securities (199) (90)
Proceeds from maturities and sales of available-for-sale securities 374  362 
Proceeds from government incentives 85  2 
Other (22) (91)
Net cash provided by (used for) investing activities (1,558) (2,266)
Cash flows from financing activities  
Payments of dividends to shareholders (129) (126)
Payments on equipment purchase contracts (56) (47)
Repayments of debt (53) (20)
Repurchases of common stock - repurchase program   (425)
Proceeds from issuance of debt   3,349 
Other (114) (99)
Net cash provided by (used for) financing activities (352) 2,632 
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash (1) (6)
Net increase (decrease) in cash, cash equivalents, and restricted cash (510) 1,303 
Cash, cash equivalents, and restricted cash at beginning of period 8,656  8,339 
Cash, cash equivalents, and restricted cash at end of period$8,146 $9,642 



In 2023, we recorded charges of $1.83 billion to cost of goods sold to write down the carrying value of work in process and finished goods inventories to their estimated net realizable value (“NRV”). The impact of inventory NRV write-downs for each period reflects (1) inventory write-downs in that period, offset by (2) lower costs in that period on the sale of inventory written down in prior periods. The impacts of inventory NRV write-downs are summarized below:

 1st Qtr.4th Qtr.1st Qtr.
 November 30,
August 31,
December 1,
Provision to write down inventory to NRV$$$
Lower costs from sale of inventory written down in prior periods 605 563 

(In millions, except per share amounts)
 1st Qtr.4th Qtr.1st Qtr.
 November 30,
August 31,
December 1,
GAAP gross margin$(35)$(435)$893 
Stock-based compensation 67  64  36 
Other 5  5  5 
Non-GAAP gross margin$37 $(366)$934 
GAAP operating expenses$1,093 $1,037 $1,102 
Stock-based compensation (115) (87) (90)
Restructure and asset impairments   (4) (13)
Goodwill impairment   (101)  
Other 14  (3)  
Non-GAAP operating expenses$992 $842 $999 
GAAP operating income (loss)$(1,128)$(1,472)$(209)
Stock-based compensation 182  151  126 
Restructure and asset impairments   4  13 
Goodwill impairment   101   
Other (9) 8  5 
Non-GAAP operating income (loss)$(955)$(1,208)$(65)
GAAP net income (loss)$(1,234)$(1,430)$(195)
Stock-based compensation 182  151  126 
Restructure and asset impairments   4  13 
Goodwill impairment   101   
Other (10) 7  10 
Estimated tax effects of above and other tax adjustments 14  (10) 7 
Non-GAAP net income (loss)$(1,048)$(1,177)$(39)
GAAP diluted earnings (loss) per share$(1.12)$(1.31)$(0.18)
Effects of the above adjustments 0.17  0.24  0.14 
Non-GAAP diluted earnings (loss) per share$(0.95)$(1.07)$(0.04)

 1st Qtr.4th Qtr.1st Qtr.
 November 30,
August 31,
December 1,
GAAP net cash provided by operating activities$1,401 $249 $943 
Expenditures for property, plant, and equipment (1,796) (1,461) (2,449)
Payments on equipment purchase contracts (56) (26) (47)
Proceeds from sales of property, plant, and equipment 33  18  23 
Proceeds from government incentives 85  462  2 
Investments in capital expenditures, net (1,734) (1,007) (2,471)
Adjusted free cash flow$(333)$(758)$(1,528)

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income (loss), net income (loss), diluted earnings (loss) per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:

  • Stock-based compensation;
  • Gains and losses from settlements;
  • Restructure and asset impairments;
  • Goodwill impairment; and
  • The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law.


FQ2-24GAAP Outlook Adjustments Non-GAAP Outlook
Revenue$5.30 billion ± $200 million    $5.30 billion ± $200 million
Gross margin12.0% ± 1.5% 1.0%A 13.0% ± 1.5%
Operating expenses$1.07 billion ± $15 million $122 million B $950 million ± $15 million
Diluted earnings (loss) per share(1)($0.45) ± $0.07 $0.17 A, B, C ($0.28) ± $0.07

Non-GAAP Adjustments
(in millions)
AStock-based compensation – cost of goods sold$75 
AOther – cost of goods sold 4 
BStock-based compensation – research and development 77 
BStock-based compensation – sales, general, and administrative 45 
CTax effects of the above items and other tax adjustments (13)

(1)   GAAP and non-GAAP earnings (loss) per share based on approximately 1.10 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control. 

Contacts: Satya Kumar Investor Relations (408) 450-6199 Erica odriguez Pompen Media Relations (408) 834-1873