Micron Technology, Inc. stock research
FY2024 Q1
Micron Technology (MU) Gross Margin — Quarter Ended Nov 30, 2023
Revenue increased compared to both the prior quarter and the same quarter last year. Gross margin improved from the prior quarter but remained negative, as cost of revenue also grew.
Gross margin takeaway
Quarter ended Nov 30, 2023 · FY2024 Q1
Revenue increased compared to both the prior quarter and the same quarter last year. Gross margin improved from the prior quarter but remained negative, as cost of revenue also grew.
- Gross profit improved sequentially, moving from a larger loss to a smaller loss, which drove the gross margin improvement.
- Compared to the previous quarter, gross margin was higher; compared to the same quarter one year earlier, gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-0.7%
Gross profit
-$35.0M
Revenue
$4.7B
Cost of revenue
$4.8B
Quarter-over-quarter change
+10.1 pts
Year-over-year change
-22.6 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 |
|---|---|---|---|---|
| Mar 2, 2023 | $3.7B | -$1.2B | $4.9B | -32.7% |
| Jun 1, 2023 | $3.8B | -$668.0M | $4.4B | -17.8% |
| Aug 31, 2023 | $4.0B | -$435.0M | $4.4B | -10.8% |
| Nov 30, 2023 | $4.7B | -$35.0M | $4.8B | -0.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Aug 31, 2023
+10.1 pts
Year-over-year change
Dec 1, 2022
-22.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross profit improved sequentially, moving from a larger loss to a smaller loss, which drove the gross margin improvement.
Compared to the previous quarter, gross margin was higher; compared to the same quarter one year earlier, gross margin was lower.
Monitor the trajectory of cost of revenue relative to revenue, as recent trends show cost growth lagging revenue growth.