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Micron Technology Inc. (NASDAQ: MU) posted a loss in the first quarter of 2023 from last year’s profit, hurt by a sharp drop in profits. The results also missed market projections.
The chip maker reported a loss of $0.04 per share for the November quarter, on an adjusted basis, marking a decline from the year-ago period when it earned $2.16 per share. Analysts were looking for a narrower loss for the final 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 quarter.
The weak underlying performance reflected a 47% drop in net profit to $4.09 billion. The latest numbers were also below the consensus forecast.
Check out this space to read management/analyst commentary on Micron’s Q1 earnings
“Micron’s technology, manufacturing and strong financial position enable us to operate in the near future, and we are taking significant actions to reduce supply and costs,” said Micron CEO Sanjay Mehrotra.
Previous Performance
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