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Micron Micron Technology , Inc. Reports Results for the First Quarter of Fiscal 2021 January 7 , 2021 Industry's first 176 - layer NAND in production BOISE , Idaho , Jan. 07 , 2021 ( GLOBE NEWSWIRE ) -- Micron Technology , Inc. ( Nasdaq : MU ) today announced results for its first quarter of fiscal 2021 , which ended Dec. 3 , 2020 . Fiscal Q1 2021 highlights • Revenue of $ 5.77 billion versus $ 6.06 billion for the prior quarter and $ 5.14 billion for the same period last year • GAAP net income of $ 803 million , or $ 0.71 per diluted share • Non - GAAP net income of $ 897 million , or $ 0.78 per diluted share Operating cash flow of $ 1.97 billion versus $ 2.27 billion for the prior quarter and $ 2.01 billion for the same period last year " Micron delivered outstanding fiscal first quarter results , driven by focused execution and strong end - market demand , ” said Micron Technology President and CEO Sanjay Mehrotra . " We are excited about the strengthening DRAM industry fundamentals . For the first time in our history , Micron is simultaneously leading on DRAM and NAND technologies , and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI , 5G , cloud , and the intelligent edge . " Quarterly Financial Results ( in millions , except per share amounts ) Revenue Gross margin percent of revenue Operating expenses Operating income percent of revenue Net income attributable to Micron Diluted earnings per share FQ2-21 Revenue Gross margin FQ1-21 Operating expenses Interest ( income ) expense , net Diluted earnings per share $ 5,773 $ 1,736 30.1 % 870 866 15.0 % 803 0.71 GAAP ( 1 ) FQ4-20 6,056 $ 2,068 34.1 % 911 1,157 19.1 % 988 0.87 FQ1-20 5,144 1,366 26.6 % 848 518 10.1 % 491 0.43 GAAP ( 1 ) Outlook $ $ 5.8 billion $ 200 million 25 % ± 1 % $ 882 million + $ 25 million $ 37 million $ 0.41 + $ 0.07 FQ1-21 Non - GAAP ( 2 ) FQ4-20 5,773 $ 1,784 30.9 % 811 973 16.9 % 897 0.78 6,056 $ 2,111 34.9 % 809 1,302 21.5 % Investments in capital expenditures , net ( 2 ) were $ 2.78 billion for the first quarter of 2021. Micron ended the quarter with cash , marketable investments , and restricted cash of $ 8.36 billion , for a net cash ( 2 ) position of $ 1.73 billion . Business Outlook The following table presents Micron's guidance for the second quarter of 2021 : 1,229 1.08 FQ1-20 5,144 1,405 27.3 % 811 594 11.5 % 548 0.48 Further information regarding Micron's business outlook is included in the prepared remarks and slides , which have been posted at investors.micron.com . Non - GAAP ( 2 ) Outlook $ 5.8 billion $ 200 million 31 % ± 1 % $ 825 million + $ 25 million $ 35 million $ 0.75 + $ 0.07 Investor Webcast Micron will host a conference call on Thursday , Jan. 7 , 2021 , at 2:30 p.m. MT to discuss its first quarter financial results and provide forward - looking guidance for its second quarter . A live webcast of the call will be available online at investors.micron.com . A webcast replay will be available for one year after the call . For Investor Relations and other company updates , follow @Micron Tech on Twitter at twitter.com/MicronTech . About Micron Technology , Inc. We are an industry leader in innovative memory and storage solutions . Through our global brands - Micro and CrucialⓇ - our broad portfolio of high - performance memory and storage technologies , including DRAM , NAND , 3D XPointTM memory , and NOR , is transforming how the world uses information to enrich life for all . Backed by more than 40 years of technology leadership , our memory and storage solutions enable disruptive trends ,