MU - Micron Technology Non-GAAP EPS of -$1.91 misses by $1.03 revenue of $3.69B misses by $20M

2023-03-28 16:14:17 ET

• Micron Technology press release ( NASDAQ: MU ): Q2 Non-GAAP EPS of -$1.91 misses by $1.03 .
• Revenue of $3.69B (-52.6% Y/Y) misses by $20M .
• Inventory write-downs of $1.43 billion, impact of $1.34 per diluted share
• Operating cash flow of $343 million versus $943 million for the prior quarter and $3.63 billion for the same period last year.
• “Micron delivered fiscal second quarter revenue within our guidance range in a challenging market environment,” said Micron Technology President and CEO Sanjay Mehrotra.
• “Customer inventories are getting better, and we expect gradual improvements to the industry’s supply-demand balance. We remain confident in long-term demand and are investing prudently to preserve our technology and product portfolio competitivenes.
• Non GAAP Q3 Outlook: Revenue $3.70 billion ± $200 million vs. consensus of $3.75B , Gross margin (21%) ± 2.5%, EPS ($1.58) ± $0.07 vs. consensus of -$0.92.

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