BOISE, Idaho, June 30, 2022 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2022, which ended June 2, 2022.
Fiscal Q3 2022 highlights
- Revenue of $8.64 billion versus $7.79 billion for the prior quarter and $7.42 billion for the same period last year
- GAAP net income of $2.63 billion, or $2.34 per diluted share
- Non-GAAP net income of $2.94 billion, or $2.59 per diluted share
- Operating cash flow of $3.84 billion versus $3.63 billion for the prior quarter and $3.56 billion for the same period last year
“Micron delivered record revenue in the fiscal third quarter driven by our team’s excellent execution across technology, products and manufacturing,” said Micron Technology President and CEO Sanjay Mehrotra. “Recently, the industry demand environment has weakened, and we are taking action to moderate our supply growth in fiscal 2023. We are confident about the long-term secular demand for memory and storage and are well positioned to deliver strong cross-cycle financial performance.”
| Quarterly Financial Results | |||||||||||||||||||
| GAAP (1) | Non-GAAP (2) | ||||||||||||||||||
| (in millions, except per share amounts) | FQ3-22 | FQ2-22 | FQ3-21 | FQ3-22 | FQ2-22 | FQ3-21 | |||||||||||||
| Revenue | $ | 8,642 | $ | 7,786 | $ | 7,422 | $ | 8,642 | $ | 7,786 | $ | 7,422 | |||||||
| Gross margin | 4,035 | 3,676 | 3,126 | 4,097 | 3,724 | 3,185 | |||||||||||||
| percent of revenue | 46.7 | % | 47.2 | % | 42.1 | % | 47.4 | % | 47.8 | % | 42.9 | % | |||||||
| Operating expenses | 1,031 | 1,130 | 1,327 | 953 | 974 | 821 | |||||||||||||
| Operating income | 3,004 | 2,546 | 1,799 | 3,144 | 2,750 | 2,364 | |||||||||||||
| percent of revenue | 34.8 | % | 32.7 | % | 24.2 | % | 36.4 | % | 35.3 | % | 31.9 | % | |||||||
| Net income | 2,626 | 2,263 | 1,735 | 2,939 | 2,444 | 2,173 | |||||||||||||
| Diluted earnings per share | 2.34 | 2.00 | 1.52 | 2.59 | 2.14 | 1.88 | |||||||||||||
