Micron sees ongoing losses liked to a China ban on chip sales even as it unveiled a developing supply deal with AI leader Nvidia.
Micron said late Wednesday that its non-GAAP loss for the three months ending in August, the group's fiscal fourth quarter, came in at $1.07 per share, well inside Street forecasts of $1.18 but down from a profit of $1.45 per share over the same period last year.
Looking into the current quarter, Micron said it sees another non-GAAP loss of $1.14 per share, compared to the Refinitiv forecast of a loss of 95 cents, with revenues of around $4.2 billion to $4.6 billion. "We are very excited with our HBM product. It is an industry-leading product with respect to performance, power, capacity, capability. And as we have mentioned, this product is in the qualification stages with our customers here and we expect revenue to begin in early 2024," CEO Sanjay Mehrotra told investors on a conference call late Wednesday."And yes, we are very much still on track for meaningful revenue, $700 million in our fiscal year '24.
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