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Micron Micron Technology , Inc. Reports Results for the First Quarter of Fiscal 2022 December 20 , 2021 On track for record revenue and solid profitability in fiscal 2022 BOISE , Idaho , Dec. 20 , 2021 ( GLOBE NEWSWIRE ) -- Micron Technology , Inc. ( Nasdaq : MU ) today announced results for its first quarter of fiscal 2022 , which ended Dec. 2 , 2021 . Fiscal Q1 2022 highlights • Revenue of $ 7.69 billion versus $ 8.27 billion for the prior quarter and $ 5.77 billion for the same period last year • GAAP net income of $ 2.31 billion , or $ 2.04 per diluted share • Non - GAAP net income of $ 2.47 billion , or $ 2.16 per diluted share ● Operating cash flow of $ 3.94 billion versus $ 3.88 billion for the prior quarter and $ 1.97 billion for the same period last year " Micron delivered solid fiscal first quarter results led by strong product portfolio momentum , " said Micron Technology President and CEO Sanjay Mehrotra . " We are now shipping our industry - leading DRAM and NAND technologies across major end markets , and we delivered new solutions to data center , client , mobile , graphics and automotive customers . As powerful secular trends including 5G , AI , and EV adoption fuel demand growth , our technology leadership and world - class execution position us to create significant shareholder value in fiscal 2022 and beyond . " Quarterly Financial Results ( in millions , except per share amounts ) Revenue Gross margin percent of revenue Operating expenses Operating income percent of revenue Net income Diluted earnings per share $ FQ1-22 FQ2-22 7,687 3,565 46.4 % 934 2,631 Revenue Gross margin Operating expenses Diluted earnings per share 34.2 % 2,306 2.04 $ GAAP ( 1 ) FQ4-21 The following table presents Micron's guidance for the second quarter of 2022 : 8,274 3,912 47.3 % 957 2,955 35.7 % 2,720 2.39 FQ1-21 $ 5,773 1,736 30.1 % 870 866 15.0 % 803 0.71 $ FQ1-22 GAAP ( 1 ) Outlook $ 7.5 billion + $ 200 million 45.0 % + 1 % $ 1,058 million + $ 25 million $ 1.83 + $ 0.10 7,687 $ 3,616 47.0 % 891 2,725 35.4 % Non - GAAP ( 2 ) FQ4-21 2,471 2.16 8,274 3,964 47.9 % 891 3,073 37.1 % 2,778 2.42 Investments in capital expenditures , net ( 2 ) were $ 3.27 billion for the first quarter of 2022 , which resulted in adjusted free cash flows ( 2 ) of $ 671 million . Micron repurchased approximately 3.6 million shares of its common stock for $ 259 million during the first quarter of fiscal 2022 and ended the quarter with cash , marketable investments , and restricted cash of $ 11.48 billion , for a net cash ( 2 ) position of $ 4.46 billion . On December 17 , 2021 , Micron's Board of Directors declared a quarterly dividend of $ 0.10 per share , payable in cash on January 18 , 2022 , to shareholders of record as of the close of business on January 3 , 2022 . Business Outlook $ FQ1-21 5,773 1,784 Further information regarding Micron's business outlook is included in the prepared remarks and slides , which have been posted at investors.micron.com . 30.9 % 811 973 16.9 % 897 0.78 Non - GAAP ( 2 ) Outlook $ 7.5 billion $ 200 million 46.0 % + 1 % $ 975 million + $ 25 million $ 1.95 + $ 0.10 Investor Webcast Micron will host a conference call on Monday , Dec. 20 , 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 transforming how the world uses information to enrich life for all . With a