Micron Technology, Inc. reported its financial results for the third quarter of fiscal year 2024 on June 26, 2024. The company announced a significant increase in revenue to $6.81 billion, up from $5.82 billion in the previous quarter and $3.75 billion in the same period last year. GAAP net income stood at $332 million, with diluted earnings per share at $0.30. Non-GAAP net income was reported at $702 million, or $0.62 per diluted share. The company's operating cash flow also saw a substantial increase to $2.48 billion, compared to $1.22 billion in the prior quarter and $24 million in the same period last year. The growth was attributed to a 50% sequential increase in data center revenue, driven by robust AI demand, and a record high data center revenue mix. Micron's...Show More

Micron Technology, Inc. reported its financial results for the third quarter of fiscal year 2024 on June 26, 2024. The company announced a significant increase in revenue to $6.81 billion, up from $5.82 billion in the previous quarter and $3.75 billion in the same period last year. GAAP net income stood at $332 million, with diluted earnings per share at $0.30. Non-GAAP net income was reported at $702 million, or $0.62 per diluted share. The company's operating cash flow also saw a substantial increase to $2.48 billion, compared to $1.22 billion in the prior quarter and $24 million in the same period last year. The growth was attributed to a 50% sequential increase in data center revenue, driven by robust AI demand, and a record high data center revenue mix. Micron's President and CEO, Sanjay Mehrotra, highlighted the company's market share gains in high-margin products and a strong AI product portfolio. Micron also provided guidance for the fourth quarter of 2024, projecting revenues of approximately $7.60 billion and a GAAP diluted earnings per share of $0.61. Additionally, the Board of Directors declared a quarterly dividend of $0.115 per share, payable on July 23, 2024. The company's financial position remains strong with $9.22 billion in cash, marketable investments, and restricted cash.