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Micron Micron Technology , Inc. Reports Results for the Second Quarter of Fiscal 2022 March 29 , 2022 Delivers strong profitability and over $ 1 billion in free cash flow BOISE , Idaho , March 29 , 2022 ( GLOBE NEWSWIRE ) -- Micron Technology , Inc. ( Nasdaq : MU ) today announced results for its second quarter of fiscal 2022 , which ended March 3 , 2022 . Fiscal Q2 2022 highlights • Revenue of $ 7.79 billion versus $ 7.69 billion for the prior quarter and $ 6.24 billion for the same period last year • GAAP net income of $ 2.26 billion , or $ 2.00 per diluted share • Non - GAAP net income of $ 2.44 billion , or $ 2.14 per diluted share • Operating cash flow of $ 3.63 billion versus $ 3.94 billion for the prior quarter and $ 3.06 billion for the same period last year " Micron's excellent second quarter results exceeded the high end of our guidance for both revenue and margin , reflecting our strong execution , " said Micron Technology President and CEO Sanjay Mehrotra . " We're leading the industry in technology across DRAM and NAND , and our product portfolio momentum is accelerating . With outstanding first half results , Micron is on track to deliver record revenue and robust profitability in fiscal 2022. " Quarterly Financial Results ( in millions , except per share amounts ) FQ2-22 GAAP ( 1 ) FQ1-22 FQ2-21 FQ2-22 Non - GAAP ( 2 ) FQ1-22 FQ2-21 Revenue $ Gross margin 7,786 3,676 $ 7,687 $ percent of revenue Operating expenses Operating income 47.2 % 3,565 46.4 % 6,236 1,649 26.4 % $ 7,786 3,724 47.8 % $ 7,687 $ 3,616 47.0 % 6,236 2,054 32.9 % 1,130 934 986 974 891 797 2,546 2,631 663 2,750 2,725 1,257 percent of revenue Net income Diluted earnings per share 32.7 % 34.2 % 10.6 % 35.3 % 35.4 % 20.2 % 2,263 2,306 603 2,444 2,471 1,128 2.00 2.04 0.53 2.14 2.16 0.98 Investments in capital expenditures , net ( 2 ) were $ 2.60 billion for the second quarter of 2022 , which resulted in adjusted free cash flow ( 2 ) of $ 1.03 billion . Micron repurchased approximately 4.8 million shares of its common stock for $ 408 million during the second quarter of fiscal 2022 and ended the quarter with cash , marketable investments , and restricted cash of $ 11.95 billion , for a net cash ( 2 ) position of $ 4.87 billion . On March 29 , 2022 , our Board of Directors declared a quarterly dividend of $ 0.10 per share , payable in cash on April 26 , 2022 , to shareholders of record as of the close of business on April 11 , 2022 . Business Outlook The following table presents Micron's guidance for the third quarter of 2022 : FQ3-22 Non - GAAP ( 2 ) Outlook Revenue Gross margin Operating expenses Diluted earnings per share GAAP ( 1 ) Outlook $ 8.7 billion + $ 200 million 47.0 % ± 1 % $ 1.13 billion + $ 25 million $ 2.33 ± $ 0.10 $ 8.7 billion + $ 200 million 48.0 % ± 1 % $ 1.05 billion + $ 25 million $ 2.46 + $ 0.10 Further information regarding Micron's business outlook is included in the prepared remarks and slides , which have been posted at investors.micron.com . Investor Webcast Micron will host a conference call on Tuesday , March 29 , 2022 at 2:30 p.m. Mountain time to discuss its second quarter financial results and provide forward - looking guidance for its third 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/Micron Tech . Investor Day 2022