Micron Technology Inc. (NASDAQ: MU) slipped to a loss in the first quarter of 2023 from a profit last year, hurt by a sharp fall in revenues. The results also missed the market’s projection.
The chipmaker reported a loss of $0.04 per share for the November quarter, on an adjusted basis, marking a deterioration from the prior-year period when it earned $2.16 per share. Analysts were looking for a narrower loss for the latest quarter. On an unadjusted basis, first-quarter net loss was $195 million or $0.18 per share, compared to net income of $1.49 billion or $1.35 per share in the prior-year quarter.
The weak bottom line performance reflects a 47% fall in net revenues to $4.09 billion. The latest number was also below the consensus forecast.
Check this space to read management/analysts’ comments on Micron’s Q1 earnings
“Micron’s strong technology, manufacturing, and financial position put us on solid footing to navigate the near-term environment, and we are taking decisive actions to cut our supply and expenses,” said Micron’s CEO Sanjay Mehrotra.