The Last Memory Boom Ended With Micron Losing $5.8 Billion in a Single Year

In fiscal 2022, Micron Technology (NASDAQ: MU) earned $8.7 billion, one of the best years the memory maker had ever reported. In fiscal 2023, it lost $5.8 billion. Revenue nearly halved to $15.5 billion, and gross margin collapsed from 45% to negative 9%.

That is what the end of a memory boom looks like. And it is worth studying now, because Micron is in the middle of a far bigger one.

The company's net income over its last 12 reported months comes to $50.5 billion, nearly six times what that fiscal 2022 peak delivered. Its most recent reported quarter alone, the fiscal third quarter ended in May, brought in $28.2 billion of net income under generally accepted accounting principles (GAAP) -- double fiscal 2018's full-year record.

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