Press release
Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2024
AI demand drives 50% sequential data center revenue growth and record high data center revenue mix BOISE, Idaho, June 26, 2024 (GLOBE NEWSWIRE) -- Micron
About this update from Micron Technology, Inc.
[{"type":"text","content":"AI demand drives 50% sequential data center revenue growth and record high data center revenue mix\nBOISE, 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 shareNon-GAAP net income of $702 million, or $0.62 per diluted shareOperating 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)FQ3-24FQ2-24FQ3-23 FQ3-24FQ2-24FQ3-23 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(2) were $2.06 billion for the third quarter of 2024, which resulted in adjusted free cash flows(2) of $425 million. Micron ended the third quarter of 2024 with cash, marketable investments, and restricted cash of $9.22 billion. On June 26, 2024, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on July 23, 2024, to shareholders of record as of the close of business on July 8, 2024. Business Outlook The following table presents Micron’s guidance for the fourth quarter of 2024: FQ4-24GAAP(1) OutlookNon-GAAP(2)...