Micron Technology, Inc. Reports Results for the First Quarter of Fiscal 2022

BOISE, Idaho, Dec. 20, 2021 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its first quarter of fiscal 2022, which ended Dec. 2, 2021.

Fiscal Q1 2022 highlights

  • Revenue of $7.69 billion versus $8.27 billion for the prior quarter and $5.77 billion for the same period last year
  • GAAP net income of $2.31 billion, or $2.04 per diluted share
  • Non-GAAP net income of $2.47 billion, or $2.16 per diluted share
  • Operating cash flow of $3.94 billion versus $3.88 billion for the prior quarter and $1.97 billion for the same period last year

“Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” said Micron Technology President and CEO Sanjay Mehrotra. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers. As powerful secular trends including 5G, AI, and EV adoption fuel demand growth, our technology leadership and world-class execution position us to create significant shareholder value in fiscal 2022 and beyond.”

Quarterly Financial Results
(in millions, except per share amounts)
GAAP (1)  Non-GAAP (2)
FQ1-22 FQ4-21 FQ1-21  FQ1-22 FQ4-21 FQ1-21
        
Revenue$7,687 $8,274 $5,773  $7,687 $8,274 $5,773 
Gross margin3,565 3,912 1,736  3,616 3,964 1,784 
percent of revenue46.4%47.3%30.1% 47.0%47.9%30.9%
Operating expenses934 957 870  891 891 811 
Operating income2,631 2,955 866  2,725 3,073 973  
percent of revenue 34.2 % 35.7 % 15.0 %   35.4 % 37.1 % 16.9 %
Net income 2,306   2,720   803     2,471   2,778   897  
Diluted earnings per share 2.04   2.39   0.71     2.16   2.42   0.78  

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