Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2024

BOISE, Idaho, June 26, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2024, which ended May 30, 2024.

Fiscal Q3 2024 highlights

  • Revenue of $6.81 billion versus $5.82 billion for the prior quarter and $3.75 billion for the same period last year
  • GAAP net income of $332 million, or $0.30 per diluted share
  • Non-GAAP net income of $702 million, or $0.62 per diluted share
  • Operating cash flow of $2.48 billion versus $1.22 billion for the prior quarter and $24 million for the same period last year

“Robust AI demand and strong execution enabled Micron to drive 17% sequential revenue growth, exceeding our guidance range in fiscal Q3,” said Sanjay Mehrotra, President and CEO of Micron Technology. “We are gaining share in high-margin products like High Bandwidth Memory (HBM), and our data center SSD revenue hit a record high, demonstrating the strength of our AI product portfolio across DRAM and NAND. We are excited about the expanding AI-driven opportunities ahead, and are well positioned to deliver a substantial revenue record in fiscal 2025.”

Quarterly Financial Results
(in millions, except per share amounts)
GAAP (1)  Non-GAAP (2)
FQ3-24 FQ2-24 FQ3-23  FQ3-24 FQ2-24 FQ3-23
        
Revenue$6,811 $5,824 $3,752  $6,811 $5,824 $3,752 
Gross margin 1,832  1,079  (668)  1,917  1,163  (603)
percent of revenue 26.9% 18.5% (17.8%)    28.1 %   20.0 %   (16.1 %)
Operating expenses   1,113     888     1,093       976     959     866  
Operating income (loss)   719     191     (1,761 )     941     204     (1,469 )
percent of revenue   10.6 %   3.3 %   (46.9 %)     13.8 %   3.5 %   (39.2 %)
Net income (loss)   332     793     (1,896 )     702     476     (1,565 )
Diluted earnings (loss) per share   0.30     0.71     (1.73 )     0.62     0.42     (1.43 )
                                       

Investments in capital expenditures, net <

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