Micron Technology, the memory-chip maker, experienced a decrease in revenue for the fourth quarter ended August 31. However, certain results surpassed analysts' expectations. Here are the key details:
Revenue
The company recorded $4.01 billion in revenue, a decline from the $6.64 billion reported during the same period last year. Despite the decrease, this figure exceeded the estimate of $3.95 billion by analysts polled by FactSet.
Adjusted Loss
Micron Technology posted an adjusted loss of $1.07 per share, compared to adjusted earnings of $1.45 per share in the year-ago period. The estimated adjusted loss, according to analysts polled by FactSet, was $1.15.
Net Income
Micron Technology reported a swing from net income of $1.49 billion to a loss of $1.43 billion in comparison to the prior-year period. Analysts polled by FactSet had expected a loss of $1.37 billion.
Outlook
For the first quarter, Micron Technology projects revenue to be approximately $4.4 billion, with a margin of error of plus or minus $200 million. The adjusted loss per share is expected to be around $1.07, plus or minus seven cents.
Commentary
Chief Executive Sanjay Mehrotra expressed optimism about the company's performance in 2023 and its positioning for a market recovery in 2024. With the increasing demand and disciplined supply, Micron Technology anticipates record revenue in 2025 as artificial intelligence expands from data centers to the edge.
