Micron reported revenue of $3.69 billion (currently about RMB 25.387 billion) for the second quarter of fiscal year 2023, compared to $4.09 billion in the previous quarter and $7.79 billion in the same quarter last year, a decrease of about 53 percent.
The company reported a GAAP net loss of $2.31 billion (currently about 15.893 billion RMB), or $2.12 per diluted share, compared with a profit of $2.26 billion in the same quarter last year, and a non-GAAP net loss of $2.08 billion, or $1.91 per diluted share. The last quarterly loss of this magnitude was in the second quarter of fiscal 2003, when the net loss was $1.94 billion.
Micron forecast fiscal third-quarter revenue at around $3.9 billion (currently about 26.832 billion RMB), above market expectations of $3.75 billion and down nearly 60 percent from a year earlier, but down in line with Wall Street expectations, and company executives are optimistic about the outlook for 2025, with artificial intelligence driving sales. Micron said investment in fiscal 2023 will remain at about $7 billion, the lower end of its previously stated range. The company is targeting a 15 percent reduction in workforce this year, up from its previous goal of 10 percent.
Micron’s second-quarter revenue was within our guidance in a challenging market environment,” said Sanjay Mehrotra, Micron’s president and CEO. Customer inventories are improving and we expect the industry supply/demand balance to gradually improve. We remain confident in long-term demand and are investing prudently to maintain the competitiveness of our technology and product portfolio.