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 <
