Micron’s Q2 Fiscal 2024 Performance Revealed: Key Insights Unveiled

Micron Technology, a major semiconductor company, reported strong financial results for Q2 fiscal 2024, with revenue reaching $5.82 billion and expecting growth in the second half of the fiscal year due to a promising product portfolio and AI advancements.

Impressive revenue growth, surpassing prior quarter and same period last year
Strong net income on both GAAP and non-GAAP basis
Healthy financial position with significant cash reserves and dividend declaration

Micron Technology, a leading semiconductor company, has reported its financial results for the second quarter of fiscal 2024, ending on February 29, 2024. The company achieved impressive figures, with revenue reaching $5.82 billion, surpassing the prior quarter’s $4.73 billion and the $3.69 billion from the same period last year.

The GAAP net income for the quarter was $793 million, equivalent to $0.71 per diluted share. On a non-GAAP basis, the net income was $476 million, or $0.42 per diluted share. Although operating cash flow slightly declined from the prior quarter to $1.22 billion, it showed significant growth compared to the $343 million reported in the same period last year.

Sanjay Mehrotra, President and CEO of Micron Technology, expressed his satisfaction with the company’s performance, stating, “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.” Mehrotra also emphasized Micron’s strong product portfolio, positioning the company for a promising second half of fiscal 2024. He believes that Micron is well-positioned to benefit from the multi-year opportunity presented by AI in the semiconductor industry.

Capital expenditures for the second quarter of 2024 amounted to $1.25 billion, resulting in adjusted free cash flows of negative $29 million. Micron closed the quarter with a healthy financial position, holding $9.72 billion in cash, marketable investments, and restricted cash. Additionally, the company’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on April 16, 2024.

To discuss its second-quarter financial results and provide forward-looking guidance for the third quarter, Micron will host a conference call on March 20, 2024, at 2:30 p.m. Mountain Time. The call will be accessible via a live webcast on investors.micron.com, with a replay available for one year after the call. For further updates, investors can follow Micron Technology on their social media platform, X @MicronTech.

About Our Team

Our team comprises industry insiders with extensive experience in computers, semiconductors, games, and consumer electronics. With decades of collective experience, we’re committed to delivering timely, accurate, and engaging news content to our readers.

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.