Last week, $MU+1.8% Micron Technology reported results:
Revenue was $4.01 billion, a 40% year-over-year decline from $6.64 billion (Q4 2022). Net loss was $1.43 billion, compared to a profit of $1.49 billion in Q4 2022.
For the full fiscal year 2023, revenue fell 49% to $15.54 billion from $30.76 billion in 2022. Net loss was $5.83 billion, compared to net profit of $8.69 billion in 2022.
The results reflect unfavorable conditions in the memory and storage market. However, according to management, Micron is well positioned for a market recovery in 2024 as it has maintained its technology leadership and launched new products. And they are already up a handsome +4% today.