BOISE, Idaho, March 20, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2024, which ended February 29, 2024.
Fiscal Q2 2024 highlights
- Revenue of $5.82 billion versus $4.73 billion for the prior quarter and $3.69 billion for the same period last year
- GAAP net income of $793 million, or $0.71 per diluted share
- Non-GAAP net income of $476 million, or $0.42 per diluted share
- Operating cash flow of $1.22 billion versus $1.40 billion for the prior quarter and $343 million for the same period last year
“Micron delivered fiscal Q2 results with revenue, gross margin and EPS well above the high-end of our guidance range — a testament to our team’s excellent execution on pricing, products and operations,” said Sanjay Mehrotra, President and CEO of Micron Technology. “Our preeminent product portfolio positions us well to deliver a strong fiscal second half of 2024. We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI.”
| Quarterly Financial Results | |||||||||||||||||||
| (in millions, except per share amounts)
| GAAP (1) | Non-GAAP (2) | |||||||||||||||||
| FQ2-24 | FQ1-24 | FQ2-23 | FQ2-24 | FQ1-24 | FQ2-23 | ||||||||||||||
| Revenue | $ | 5,824 | $ | 4,726 | $ | 3,693 | $ | 5,824 | $ | 4,726 | $ | 3,693 | |||||||
| Gross margin | 1,079 | (35 | ) | (1,206 | ) | 1,163 | 37 | (1,161 | ) | ||||||||||
| percent of revenue | 18.5 | % | (0.7 | %) | (32.7 | %) | 20.0 | % | 0.8 | % | (31.4 | %) | |||||||
| Operating expenses | 888 | 1,093 | 1,097 | 959 | 992 | 916 | |||||||||||||
| Operating income (loss) | 191 | (1,128 | ) | (2,303 | ) | 204 | (955 | ) | (2,077 | ) | |||||||||
| percent of revenue | 3.3 | % | (23.9 | %) | (62.4 | %) | 3.5 | % | (20.2 | %) | (56.2 | %) | |||||||
| Net income (loss) | 793 | (1,234 | ) | (2,312 | ) | 476 | (1,048 | ) | (2,081 | ) | |||||||||
| Diluted earnings (loss) per share | 0.71 | (1.12 | ) | (2.12 | ) | 0.42 | (0.95 | ) | (1.91 | ) | |||||||||
