Micron Technology, Inc. stock research
FY2023 Q3
Micron Technology (MU) Gross Margin — Quarter Ended Jun 1, 2023
Revenue increased slightly from the prior quarter but fell dramatically year-over-year. Gross profit improved from a larger loss to a smaller loss, leading to a narrower negative gross margin sequentially, though it remained deeply negative compared to the positive margin a year ago.
Gross margin takeaway
Quarter ended Jun 1, 2023 · FY2023 Q3
Revenue increased slightly from the prior quarter but fell dramatically year-over-year. Gross profit improved from a larger loss to a smaller loss, leading to a narrower negative gross margin sequentially, though it remained deeply negative compared to the positive margin a year ago.
- The reduction in cost of revenue outpaced the modest revenue increase, driving the sequential gross margin improvement.
- Gross margin strengthened from the prior quarter but weakened severely compared to the same quarter last year.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-17.8%
Gross profit
-$668.0M
Revenue
$3.8B
Cost of revenue
$4.4B
Quarter-over-quarter change
+14.9 pts
Year-over-year change
-64.5 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 1, 2022 | $4.1B | $893.0M | $3.2B | 21.9% |
| Mar 2, 2023 | $3.7B | -$1.2B | $4.9B | -32.7% |
| Jun 1, 2023 | $3.8B | -$668.0M | $4.4B | -17.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 2, 2023
+14.9 pts
Year-over-year change
FY2022 Q3
-64.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The reduction in cost of revenue outpaced the modest revenue increase, driving the sequential gross margin improvement.
Gross margin strengthened from the prior quarter but weakened severely compared to the same quarter last year.
Monitor the relationship between cost of revenue and revenue to assess sustainability of margin recovery.