Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2022

Bangalore, India March 31, 2022-- Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2022, which ended March 3, 2022.

Fiscal Q2 2022 highlights
Revenue of $7.79 billion versus $7.69 billion for the prior quarter and $6.24 billion for the same period last year
GAAP net income of $2.26 billion, or $2.00 per diluted share
Non-GAAP net income of $2.44 billion, or $2.14 per diluted share
Operating cash flow of $3.63 billion versus $3.94 billion for the prior quarter and $3.06 billion for the same period last year
?Micron?s excellent second quarter results exceeded the high end of our guidance for both revenue and margin, reflecting our strong execution,? said Micron Technology President and CEO Sanjay Mehrotra. ?We?re leading the industry in technology across DRAM and NAND, and our product portfolio momentum is accelerating. With outstanding first half results, Micron is on track to deliver record revenue and robust profitability in fiscal 2022.?

Investments in capital expenditures, net(2) were $2.60 billion for the second quarter of 2022, which resulted in adjusted free cash flow(2) of $1.03 billion. Micron repurchased approximately 4.8 million shares of its common stock for $408 million during the second quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.95 billion, for a net cash(2) position of $4.87 billion.

On March 29, 2022, our Board of Directors declared a quarterly dividend of $0.10 per share, payable in cash on April 26, 2022, to shareholders of record as of the close of business on April 11, 2022.

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron? and Crucial? brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities ? from the data center to the intelligent edge and across the client and mobile user experience.

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