Micron Technology Co., LTD. (NYSE: MICron) released financial results for the first quarter of fiscal 2022 (September 3, 2021 -- December 2, 2022) on January 6, 2016.

According to the report, the operating revenue of the first quarter of fiscal year 2022 was $7.687 billion, down 7% from the previous quarter and up 33% year on year. Net profit was $2.306 billion, down 15% month-on-month and up 187% year on year; Gross margin was 46%, compared to 30% in the same period last year.

Micron said the sequential decline in the first quarter of fiscal 2022 was mainly due to lower DRAM and NAND sales, with DRAM product sales down 8% and NAND sales down 5%, due to weak overall demand from some customers due to shortages of chips or components other than storage.

The year-over-year growth was mainly due to increased DRAM and NAND sales, with DRAM sales up 38%, average selling price up 20%, and shipments up around 10%. Sales of NAND products were up 19%, shipments were up around 10%, and average selling prices were up by single digits.

Micron also reported that in the first quarter of fiscal 2022, it received $893 million from TI (Texas Instruments) for the sale of Lehi's related fixed assets, including plant, equipment, finance leases, and other assets.

Micron previously announced it was discontinuing development of 3D XPoint technology and plans to sell its Uta-based chip plant (Lehi). On June 30, 2021, Micron announced a definitive agreement to sell the Lehi facility to TI, with the sale closing on October 22, 2021. (Proofread /Humphrey)