Micron Technology, Inc. presents its financial performance for the second quarter of its fiscal year 2023
Micron Technology, Inc. Reports Q2 2023 Financial Results
Micron Technology, Inc., a leading innovator in memory and storage solutions, has announced its financial results for the second quarter of fiscal 2023. The company reported a revenue of $3.69 billion, as disclosed in a press release on March 2, 2023.
The Q2 2023 GAAP net loss for Micron Technology, Inc. stood at $2.31 billion, while the non-GAAP net loss was $2.08 billion. Operating cash flow for the quarter was $343 million. The company ended the quarter with cash, marketable investments, and restricted cash of $12.12 billion.
Micron Technology, Inc. recorded inventory write-downs of $1.43 billion in Q2 2023. In addition, the company invested $2.16 billion in capital expenditures during the same period.
The new CEO of Micron Technology, Inc., Sanjay Mehrotra, who has been President and CEO since May 8, 2017, announced the results of the second quarter. Mehrotra also revealed that the company expects a write-down of approximately $500 million associated with inventory produced during Q3 2023.
Micron Technology, Inc.'s products include high-performance DRAM, NAND, and NOR memory and storage products through its Micron® and Crucial® brands. The company's innovations fuel the data economy, enabling advances in artificial intelligence and 5G applications.
On March 2, 2023, Micron Technology, Inc. declared a quarterly dividend of $0.115 per share for Q2 2023. The dividend payable date is set for April 25, 2023.
Micron Technology, Inc. will host a conference call on Tuesday, March 28, 2023 at 2:30 p.m. Mountain Time to discuss its second quarter financial results and provide forward-looking guidance for its third quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call.
For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech. To learn more about Micron Technology, Inc., visit micron.com.
Please note that this press release contains forward-looking statements regarding Micron Technology, Inc.'s industry, strategic position, and financial and operating results, subject to risks and uncertainties that could cause actual results to differ materially. For important factors that could cause actual results to differ materially from those contained in these forward-looking statements, please refer to the documents Micron Technology, Inc. files with the Securities and Exchange Commission, including its most recent Form 10-K and Form 10-Q.
