Micron posted its worst quarterly loss in 20 years, with a net loss of $2.31 billion in the second quarter.

Thanks to CTOnews.com netizens Wu Yanzu and Windelight for the clue delivery! CTOnews.com March 29, Micron reported revenue of $3.69 billion (currently about 25.387 billion yuan) for the second quarter of fiscal 2023, compared with $4.09 billion in the previous quarter and $7.79 billion in the same period last year, down about 53% from a year earlier.

GAAP posted a net loss of $2.31 billion (currently about RMB 15.893 billion), or $2.12 per diluted share, compared with a profit of $2.26 billion in the same period last year, and a net loss of $2.08 billion, or $1.91 per diluted share, without GAAP. CTOnews.com Inquiry learned that this was Micron's worst quarterly loss in the past two decades. The last quarterly loss of this magnitude was in the second quarter of fiscal 2003, when the net loss was $1.94 billion.

Micron forecasts third-quarter revenue of about $3.9 billion (currently about 26.832 billion yuan), higher than market expectations of $3.75 billion and down nearly 60% from a year earlier, but the decline is in line with Wall Street expectations. Company executives are optimistic about the outlook for 2025, and artificial intelligence will boost sales. Micron said investment in fiscal year 2023 would remain at about $7 billion, the lower limit of the range mentioned earlier. The company aims to cut jobs by 15 per cent this year, up from its previous target of 10 per cent.

Sanjay Mehrotra, president and chief executive of Micron Technology, said: "in a challenging market environment, Micron's revenue for the second quarter is within our guidance. Customer inventory is improving and we expect the balance of supply and demand in the industry to gradually improve. We maintain confidence in long-term demand and are investing carefully to keep our technology and product portfolio competitive."