BOISE, Idaho, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2024, which ended August 29, 2024.
Fiscal Q4 2024 highlights
- Revenue of $7.75 billion versus $6.81 billion for the prior quarter and $4.01 billion for the same period last year
- GAAP net income of $887 million, or $0.79 per diluted share
- Non-GAAP net income of $1.34 billion, or $1.18 per diluted share
- Operating cash flow of $3.41 billion versus $2.48 billion for the prior quarter and $249 million for the same period last year
Fiscal 2024 highlights
- Revenue of $25.11 billion versus $15.54 billion for the prior year
- GAAP net income of $778 million, or $0.70 per diluted share
- Non-GAAP net income of $1.47 billion, or $1.30 per diluted share
- Operating cash flow of $8.51 billion versus $1.56 billion for the prior year
“Micron delivered 93% year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory. Our NAND revenue record was led by data center SSD sales, which exceeded $1 billion in quarterly revenue for the first time,” said Micron Technology President and CEO Sanjay Mehrotra. “We are entering fiscal 2025 with the best competitive positioning in Micron's history. We forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability in fiscal 2025.”
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts)
| GAAP (1) | Non-GAAP (2) | |||||||||||||||||
| FQ4-24 | FQ3-24 | FQ4-23 | FQ4-24 | FQ3-24 | FQ4-23 | ||||||||||||||
| Revenue | $ | 7,750 | $ | 6,811 | $ | 4,010 | $ | 7,750 | $ | 6,811 | $ | 4,010 | |||||||
| Gross margin | 2,737 | 1,832 | (435 | ) | 2,826 | 1,917 | (366 | ) | |||||||||||
| percent of revenue | 35.3 | % | 26.9 | % | (10.8 | %) | 36.5 | % | 28.1 | % | (9.1 | %) | |||||||
| Operating expenses | 1,215 | 1,113 | 1,037 | 1,081 | 976 | 842 | |||||||||||||
| Operating income (loss) | 1,522 | 719 | (1,472 | ) | 1,745 | 941 | (1,208 | ) | |||||||||||
| percent of revenue | 19.6 | % | 10.6 | % | (36.7 | %) | 22.5 | % | 13.8 | % | (30.1 | %) | |||||||
| Net income (loss) | 887 | 332 | (1,430 | ) | 1,342 | 702 | (1,177 | ) | |||||||||||
| Diluted earnings (loss) per share | 0.79 | 0.30 | (1.31 | ) | 1.18 | 0.62 | (1.07 | ) | |||||||||||
