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AI Demand and Tight Supply Accelerate Micron's Return to Profitability
April 1, 2024 | MicronEstimated reading time: 1 minute
Micron Technology, Inc. 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.”
Investments in capital expenditures, net(2) were $1.25 billion for the second quarter of 2024, which resulted in adjusted free cash flows(2) of negative $29 million. Micron ended the second quarter of 2024 with cash, marketable investments, and restricted cash of $9.72 billion. On March 20, 2024, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on April 16, 2024, to shareholders of record as of the close of business on April 1, 2024.
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