Micron Reports Results for Second Quarter of Fiscal 2024

[GFreeman]

Micron Technology, Inc. today 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 were $1.25 billion for the second quarter of 2024, which resulted in adjusted free cash flows 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.

Investor Webcast
Micron will host a conference call on Wednesday, March 20, 2024 at 2:30 p.m. Mountain Time to discuss its second quarter financial results and provide forward-looking guidance for its third quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow us on X @MicronTech.

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[FreedomEclipse]

Not really surprising when they deliberately slowed chip production and bumped up prices by 15-25% for consumer SSDs.

 

[Onasi]

Not really surprising when they deliberately slowed chip production and bumped up prices by 15-25% for consumer SSDs.

Didn’t everyone except for YMTC basically did the same? This story seems to play out every time NAND gets a bit TOO affordable for manufacturers taste.

 

[bonehead123]

Well, they jacked up prices like everyone else did, so say what you will, and spew out all the numbers you wanna, as long as my big, fat dividend checks keep comin, I won't be complainin any time soon, hahaha

 

[cvaldes]

Not really surprising when they deliberately slowed chip production and bumped up prices by 15-25% for consumer SSDs.

First of all, this was yesterday's news.

Most of Micron's revenue comes from sources that aren't consumer SSD. Their big opportunity is datacenter/enterprise/cloud memory sales driven by AI-related purchases from corporations and people not named Joe Consumer.

That's why their share price ended up +14% today. Their forward guidance is very rosy about enterprise growth not consumer.

This is no different that Nvidia's valuation growth. A few years ago, their gaming and datacenter businesses were drawing in about the same revenue (40% of company totals). Today Nvidia's datacenter revenue is 6x larger than their gaming business.

Once again TPU commenters are focusing too much on consumer products where these companies bottom lines are being driven by enterprise/cloud business.

Micron's consumer memory business is important but it doesn't have the near-term growth potential as enterprise.