Micron Technology today announced results for the first quarter of fiscal 2022, which ended Dec. 2, 2021. In its results, the company announced that it ended the first fiscal quarter with solid earnings driven by strong momentum in its product portfolio. Its DRAM and NAND technologies are industry leaders in key end markets.
Micron Technology releases latest financial results
The company also continues to deliver new solutions to customers in the data center, client, mobile, graphics, and automotive markets. The adoption of 5G, AI, and EV are also driving demand and generating growth for the company.
These results from Micron show the good momentum the company is currently experiencing. In addition, these are results that provide us with a lot of data or news, some of which we would like to highlight:
Revenue of $7.69 billion compared to $8.27 billion in the previous quarter and $5.77 billion in the same period last year.
- GAAP net income of $2.31 billion, or $2.04 per diluted share
- Non-GAAP net income of $2.47 billion, or $2.16 per diluted share
- Operating cash flow of $3.94 billion compared to $3.88 billion in the year-ago quarter and $1.97 billion in the year-ago period.
Net capital expenditures were $3.27 billion in the first quarter of 2022, resulting in an adjusted free cash flow of $671 million. Micron repurchased approximately 3.6 million shares of common stock for $259 million in the first quarter of fiscal 2022 and ended the quarter with cash, marketable investments, and restricted cash of $11.48 billion, representing a net cash position of $4.46 billion. The company expects to maintain these strong numbers throughout FY2022.