November 29, 2023 /SemiMedia/ -- According to Micron Technology's forecast, adjusted operating expenses for the first fiscal quarter of fiscal year 2024 as of November 30 are approximately US$990 million, which is higher than the previous forecast of US$900 million, plus or minus US$15 million.
Micron CEO Sanjay Mehrotra said research and development costs and the timing of asset sales led to higher expenses. But those spending will fall in the fiscal quarter ending in February next year. Micron remains bullish on its prospects and is returning to profitability faster than expected.
Micron expects adjusted gross margin to be close to breakeven in the fiscal first quarter due to improved inventories and rebounding industry pricing. Revenue is now expected to be close to $4.7 billion, compared with the previous estimate of $4.4 billion, plus or minus $200 million.
"We believe 2024 will be the year of recovery and 2025 will be a record year for the industry," a Micron spokesperson said. In addition, other memory chip manufacturers also expect the chip industry to recover next year after a year of oversupply.
