According to official information from Micron Technology, in the third quarter of the 2023 fiscal year ending June 1, it achieved a revenue of US$3.75 billion, but a net loss of US$1.9 billion.
Compared with the previous quarter, Micron Technology's net loss has narrowed. In the last quarter, when Micron's quarterly revenue was US$3.69 billion, its net loss reached US$2.31 billion.
According to the data collected by Lansheng Technology, the extent of the collapse of the storage market is reflected in the annual comparison of Micron Technology, that is, the revenue has dropped by more than half. In the third quarter of fiscal year 2022, Micron Technology achieved a net profit of US$2.63 billion and revenue of US$8.64 billion.
“We believe the memory industry has passed the revenue trough and we expect margins to improve as the balance between supply and demand gradually returns,” Micron Chief Executive Sanjay Mehrotra said in a statement.
Micron said China accounted for about 25% of its global revenue. Capital expenditures for the quarter were $1.38 billion, and Micron ended the quarter with cash, realizable investments and restricted cash totaling $11.4 billion.
For the fourth quarter of fiscal 2023, Micron's revenue is expected to increase slightly, with estimates ranging from $3.7 billion to $4.1 billion.
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