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Micron Technology Tops Forecasts

December 21, 2021

Micron Technology reported results for its first quarter of fiscal 2022, which ended Dec. 2, 2021.

The firm had Q1 Non-GAAP EPS of $2.16, which was more the $2.21 which was expected. The chip firm's GAAP EPS of $2.04 was $0.02 higher than what the street was looking for.

With regard to revenue, $7.69B was taken in by Micron and only $7.59B was sought.

Q2 2022 Guidance

Revenue is expected to be $7.5B compared with consensus pegged at $7.30B.

Non-GAAP EPS is guided at $1.95 which outpaced the consensus of $1.87.

“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.”

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

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