Micron 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.”

Investments in capital expenditures, net 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: