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Micron Technology | 8-K: MICRON TECHNOLOGY, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF FISCAL 2024

SEC ·  Sep 26 04:05

Summary by Moomoo AI

On September 25, 2024, Micron Technology, Inc. reported its financial results for the fourth quarter and full fiscal year of 2024, which concluded on August 29, 2024. The company announced a significant year-over-year revenue growth of 93% for the fourth quarter, with revenues reaching $7.75 billion compared to $4.01 billion for the same period last year. The growth was attributed to strong demand in AI, leading to a ramp-up in data center DRAM products and record NAND revenue, particularly from data center SSD sales surpassing $1 billion in quarterly revenue for the first time. For the full fiscal year, Micron reported revenues of $25.11 billion, a substantial increase from the previous year's $15.54 billion. GAAP net income for the fourth quarter stood at $887 million, with non-GAAP...Show More
On September 25, 2024, Micron Technology, Inc. reported its financial results for the fourth quarter and full fiscal year of 2024, which concluded on August 29, 2024. The company announced a significant year-over-year revenue growth of 93% for the fourth quarter, with revenues reaching $7.75 billion compared to $4.01 billion for the same period last year. The growth was attributed to strong demand in AI, leading to a ramp-up in data center DRAM products and record NAND revenue, particularly from data center SSD sales surpassing $1 billion in quarterly revenue for the first time. For the full fiscal year, Micron reported revenues of $25.11 billion, a substantial increase from the previous year's $15.54 billion. GAAP net income for the fourth quarter stood at $887 million, with non-GAAP net income at $1.34 billion. The full-year GAAP net income was reported at $778 million, with non-GAAP net income at $1.47 billion. Operating cash flow also saw a significant increase, with $3.41 billion for the fourth quarter and $8.51 billion for the full year. Micron's President and CEO, Sanjay Mehrotra, expressed confidence in the company's competitive positioning and forecasted record revenue and improved profitability for fiscal 2025. Additionally, Micron declared a quarterly dividend of $0.115 per share, payable on October 23, 2024. The company also provided guidance for the first quarter of fiscal 2025, expecting revenue of approximately $8.70 billion and a non-GAAP diluted earnings per share of $1.74.

This announcement is a separate document:

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