MU Q1 2024 Earnings — Income Statement Breakdown
For its Q1 2024 period (ending 2023-11-30), MU reported revenue of $4.7B, gross profit of $35M (-0.7% gross margin), operating income of −$1.1B, and net income of −$1.2B (-26.1% net margin). The flow of revenue into costs and profit is visualized below.
What changed
MU reported a net loss; revenue grew 17.9% quarter over quarter.
| Comparison | Revenue | Net income | Net margin |
|---|---|---|---|
| Year over year | Not available | Not available | Not available |
| Quarter over quarter | +17.9% | +78.8% | +119.4 pp |
Consensus estimate data is not available for this report.
MU Q1 2024 Income Statement
| Line item | Amount (USD) | % of revenue |
|---|---|---|
| Revenue | $4.7B | 100% |
| Cost of Revenue | −$4.8B | 100.7% |
| Gross Profit | −$35M | -0.7% |
| Research & Development | −$845M | 17.9% |
| Selling, General & Administrative | −$263M | 5.6% |
| Operating Income | −$1.1B | -23.9% |
| Other Income, net | −$33M | 0.7% |
| Income Tax Expense | −$73M | 1.5% |
| Net Income | −$1.2B | -26.1% |
Source: original SEC filing (filed 2023-12-20). Accession 0000723125-23-000071. Data normalized by EarningsFyi.