Micron’s Q1 Fiscal 2024 Earnings Unveiled: A Promising Start for the Tech Giant

Micron Technology reported strong financial results for the first quarter of fiscal 2024, with a significant increase in revenue and improved operating cash flow, attributed to strong execution and favorable pricing, and expressed optimism for future growth in the AI market.

Significant increase in revenue from previous quarter and same period last year
Strong execution and favorable pricing leading to better-than-expected financial results
Potential for growth in the AI market and record industry TAM projected for 2025

Micron Technology, a leading semiconductor company, has released its financial results for the first quarter of fiscal 2024, which ended on November 30, 2023. The company reported revenue of $4.73 billion, a significant increase from the previous quarter’s $4.01 billion and the same period last year’s $4.09 billion.

However, Micron also disclosed a net loss of $1.23 billion on a GAAP basis, equivalent to a loss of $1.12 per diluted share. On a non-GAAP basis, the net loss was $1.05 billion, or $0.95 per diluted share. Despite the losses, the company’s operating cash flow showed a remarkable improvement, reaching $1.40 billion compared to $249 million in the previous quarter and $943 million in the same period last year.

Micron’s President and CEO, Sanjay Mehrotra, attributed the better-than-expected financial results to the company’s strong execution and favorable pricing. He expressed optimism about the future, stating that Micron’s business fundamentals are expected to improve throughout 2024. Moreover, he highlighted the potential for growth in the artificial intelligence (AI) market, with record industry Total Addressable Market (TAM) projected for 2025. Micron’s High Bandwidth Memory, specifically designed for data center AI applications, is a testament to the company’s technological expertise and product roadmap.

The company’s capital expenditures for the first quarter of 2024 amounted to $1.73 billion, resulting in adjusted free cash flows of negative $333 million. Micron ended the quarter with a strong financial position, boasting cash, marketable investments, and restricted cash totaling $9.84 billion. Additionally, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on January 18, 2024.

For more detailed information about Micron’s business outlook, interested parties can refer to the prepared remarks and slides available on the company’s investor website at investors.micron.com.

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Background Information

About Micron Technology:

Micron Technology, headquartered in Boise, Idaho, is a global leader in innovative memory and storage solutions. Founded in 1978 by Ward Parkinson, Joe Parkinson, Dennis Wilson, and Doug Pitman, Micron has played a pivotal role in advancing semiconductor technology. The company produces dynamic random-access memory (DRAM), flash memory, and USB flash drives. Micron’s products cater to various applications, including AI, automotive, mobile devices, data centers, and client PCs. Their commitment to innovation and memory technology has positioned them as a key player in the industry.