Summary by Futu AI
Micron Technology reported strong fiscal Q3 2024 results with revenue reaching $6.81 billion, up 17% QoQ and 82% YoY. The company posted GAAP net income of $332 million ($0.30 per share) and non-GAAP net income of $702 million ($0.62 per share). Operating cash flow strengthened to $2.48 billion, significantly up from $24 million in the same period last year.AI-driven demand fueled 50% sequential growth in data center revenue, achieving record high mix. The company's strategic positioning in high-margin products like High Bandwidth Memory (HBM) and data center SSDs demonstrated strong execution in AI-focused portfolio. Gross margin improved to 26.9% from -17.8% YoY.Looking ahead, Micron provided optimistic Q4 guidance with expected revenue of $7.6 billion ±$200 million and improved gross margin of 33.5%. The company declared a quarterly dividend of $0.115 per share, payable on July 23, 2024. Management expressed confidence in delivering substantial revenue records in fiscal 2025, driven by expanding AI opportunities.
