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

SEC announcement ·  Mar 21 04:03
Summary by Futu AI
On March 20, 2024, Micron Technology, Inc. reported its financial results for the second quarter of fiscal year 2024, which ended on February 29, 2024. The company announced a significant improvement in its financial performance with a revenue of $5.82 billion, a substantial increase from $4.73 billion in the previous quarter and $3.69 billion from the same period last year. GAAP net income stood at $793 million, or $0.71 per diluted share, while Non-GAAP net income was reported at $476 million, or $0.42 per diluted share. Operating cash flow was strong at $1.22 billion. The company's President and CEO, Sanjay Mehrotra, attributed the positive results to excellent execution on pricing, products, and operations, and expressed confidence in the company's positioning for the second half of fiscal 2024, particularly due to opportunities...Show More
On March 20, 2024, Micron Technology, Inc. reported its financial results for the second quarter of fiscal year 2024, which ended on February 29, 2024. The company announced a significant improvement in its financial performance with a revenue of $5.82 billion, a substantial increase from $4.73 billion in the previous quarter and $3.69 billion from the same period last year. GAAP net income stood at $793 million, or $0.71 per diluted share, while Non-GAAP net income was reported at $476 million, or $0.42 per diluted share. Operating cash flow was strong at $1.22 billion. The company's President and CEO, Sanjay Mehrotra, attributed the positive results to excellent execution on pricing, products, and operations, and expressed confidence in the company's positioning for the second half of fiscal 2024, particularly due to opportunities presented by AI. Micron also declared a quarterly dividend of $0.115 per share, payable on April 16, 2024. Looking ahead, Micron provided guidance for the third quarter of fiscal 2024, projecting revenues of approximately $6.60 billion and a GAAP diluted earnings per share of $0.17, with Non-GAAP figures slightly higher. The company's shares are traded on the Nasdaq Global Select Market under the symbol MU.

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