MICRON TECHNOLOGY INC (MU): restructuring charge — Micron reports $195M GAAP net loss in FQ1; plans 10% headcount reduction

MICRON TECHNOLOGY INC

2023-Q1 EPS reported -$0.18 revenue$4,085,000,000

Revenue of $4.09B, down from $6.64B prior quarter and $7.69B year ago.
GAAP net loss $195M ($0.18 loss per share); non-GAAP net loss $39M ($0.04 loss per share).
Restructuring: headcount cut ~10% in CY2023, with at least $30M in charges next quarter.
Q2 fiscal 2023 guidance: revenue $3.8B±$200M, GAAP EPS loss ($0.79)±$0.10, non-GAAP ($0.62)±$0.10.
Dividend declared $0.115 per share, payable Jan 19, 2023 to holders of record Jan 3, 2023.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MICRON TECHNOLOGY INC reported first quarter of fiscal 2023 ended December 1, 2022 results: revenue $4.09 billion, net income $195 million, EPS $0.18 per diluted share. Guidance lowered.

Period: first quarter of fiscal 2023 ended December 1, 2022
Revenue: $4.09 billion
Net income: $195 million
EPS: $0.18 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

Fiscal Q1 2023 highlights • Revenue of $4.09 billion versus $6.64 billion for the prior quarter and $7.69 billion for the same period last year • GAAP net loss of $195 million, or $0.18 per diluted share

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

MICRON TECHNOLOGY INC announced a restructuring with charges of at least $30 million (approximately 10%).

Type: restructuring
Charge: at least $30 million
Headcount: approximately 10%

Exact text from the filing

On December 21, 2022 , we announced a restructure plan in response to challenging industry conditions. Under the restructure plan, we expect to reduce our headcount by approximately 10% over calendar year 2023, through a combination of voluntary attrition and personnel reductions. In connection with the plan, we expect to incur charges of at least $30 million in the second quarter of fiscal 2023, substantially all in cash expenditures.

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Source: SEC EDGAR

accession 0000723125-22-000070

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