Category: US Markets

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Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2022

Record revenue year in mobile, auto, industrial, and networking markets

BOISE, Idaho, Sept. 29, 2022 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2022, which ended September 1, 2022.

Fiscal Q4 2022 highlights

• Revenue of $6.64 billion versus $8.64 billion for the prior quarter and $8.27 billion for the same period last year
• GAAP net income of $1.49 billion, or $1.35 per diluted share
• Non-GAAP net income of $1.62 billion, or $1.45 per diluted share
• Operating cash flow of $3.78 billion versus $3.84 billion for the prior quarter and $3.88 billion for the same period last year

Fiscal 2022 highlights

• Revenue of $30.76 billion versus $27.71 billion for the prior year
• GAAP net income of $8.69 billion, or $7.75 per diluted share
• Non-GAAP net income of $9.48 billion, or $8.35 per diluted share
• Operating cash flow of $15.18 billion versus $12.47 billion for the prior year

“In fiscal 2022, Micron generated record revenue of $30.8 billion and delivered our sixth consecutive year of positive free cash flow, allowing us to return a record $2.9 billion to our shareholders,” said Micron Technology President and CEO Sanjay Mehrotra. “Our technology and manufacturing leadership in both DRAM and NAND, deep customer relationships, diverse product portfolio, and strong balance sheet put Micron on solid footing to navigate the weakened near-term supply-demand environment. We are taking decisive steps to reduce our supply growth including a nearly 50% wafer fab equipment capex cut versus last year, and we expect to emerge from this downcycle well positioned to capitalize on the long-term demand for memory and storage.”