Micron achieved revenue of US$4.726 billion in the first quarter of fiscal year 2024, a year-on-year increase of 15.6%. The second quarter is expected to exceed expectations.

Micron announced in the first fiscal quarter of fiscal year 2024 (i.e., September 1 to November 30, 2023) that the report

• revenue was US$4.726 billion ( Currently approximately 33.744 billion yuan), a year-on-year increase of 15.6% and a month-on-month increase of 17.9%;

• According to U.S. Generally Accepted Accounting Principles (GAAP), the net loss was US$1.23 billion (approximately Totally RMB 8.782 billion), loss per share was US$1.12

• Non-GAAP net loss was US$1.05 billion (approximately RMB 7.497 billion), loss per diluted share was US$95 million US dollars

• Operating cash flow was US$1.4 billion (approximately 9.996 billion yuan), compared with US$249 million in the previous quarter and US$943 million in the same period last year

Sanjay Mehrotra, president and CEO of Micron Technology, said: “Micron’s strong execution and pricing drove better-than-expected first-quarter financial results. We expect business fundamentals to improve in 2024 and industry TAM is expected to break through in 2025. Our high-bandwidth memory for data center AI applications reflects the strength of the technology and product roadmap we have Be fully prepared to seize the huge opportunities that artificial intelligence brings to end markets."

Looking ahead to the second fiscal quarter of fiscal 2024 (December 1, 2023 to February 29, 2024),Micron expects revenue to reach US$5.1 billion to US$5.5 billion (currently approximately 36.414 billion to 39.27 billion yuan), higher than analysts’ expectations of US$4.99 billion. In addition, net loss per share will further narrow to Between 21 cents and 35 cents. It expects fiscal second-quarter gross margin to be 12.0% and operating expenses to be $1.07 billion.

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