Micron unveils Q3 fiscal 2024 results, showcasing technological advancements and financial success.

Micron Technology, Inc. reports impressive third quarter results, driven by strong demand for AI and market share gains in high-margin products, and is optimistic about future growth opportunities in the AI-driven market.

Impressive revenue growth of 17% in the third quarter of fiscal 2024
Strong market share gains in high-margin products like HBM and data center SSDs
Optimistic outlook for future revenue growth in fiscal 2025

In a recent announcement, Micron Technology, Inc. revealed its impressive results for the third quarter of fiscal 2024. The company reported revenue of $6.81 billion, a significant increase from the previous quarter’s $5.82 billion and a substantial jump from the $3.75 billion recorded during the same period last year.

Sanjay Mehrotra, the President and CEO of Micron Technology, credited the company’s success to the growing demand for artificial intelligence (AI) and their ability to execute effectively. He stated, “Robust AI demand and strong execution enabled Micron to drive 17% sequential revenue growth, exceeding our guidance range in fiscal Q3.” Mehrotra also highlighted their success in gaining market share in high-margin products like High Bandwidth Memory (HBM) and achieving record-high revenue in their data center solid-state drives (SSD) sector. This achievement demonstrates the strength of Micron’s AI product portfolio across DRAM and NAND.

Looking ahead, Micron is optimistic about the expanding opportunities in the AI-driven market. They believe they are well positioned to deliver substantial revenue growth in fiscal 2025. With a clear focus on innovation and staying ahead of the curve, Micron is poised to make a significant impact in the tech industry.

In terms of financials, Micron invested $2.06 billion in capital expenditures during the third quarter of 2024, resulting in adjusted free cash flows of $425 million. The company ended the quarter with an impressive cash, marketable investments, and restricted cash balance of $9.22 billion. Additionally, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, which will be paid out in cash on July 23, 2024.

Looking forward to the fourth quarter of 2024, Micron has provided guidance for investors. While specific figures were not disclosed in the announcement, the company remains optimistic about their future performance. With their track record of success and their focus on AI-driven technologies, Micron is well positioned for continued growth and success in the coming months.

Micron’s recent results and outlook demonstrate their ability to adapt and thrive in a rapidly evolving tech landscape. With their focus on AI and their commitment to innovation, the company is poised to make a significant impact in the industry. As the demand for AI continues to grow, Micron’s strong execution and product portfolio position them as a key player in the market. It will be exciting to see how they continue to innovate and drive revenue growth in the years to come.

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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.

Technology Explained

NAND: NAND technology is a type of non-volatile memory that is used in many computer applications. It is a type of flash memory that is used to store data in a non-volatile manner, meaning that the data is not lost when the power is turned off. NAND technology is used in many computer applications, such as solid-state drives, USB flash drives, digital cameras, and memory cards. It is also used in many embedded systems, such as cell phones, tablets, and other consumer electronics. NAND technology is a reliable and cost-effective way to store data, making it a popular choice for many computer applications.

SSD: A Solid State Drive (SSD) is a modern data storage device that employs flash memory technology to store data electronically. Unlike traditional hard disk drives (HDDs), SSDs have no moving parts, resulting in significantly faster read and write speeds. This leads to quicker boot times, faster application loading, and smoother overall system performance. SSDs are known for their durability, shock resistance, and energy efficiency, making them ideal for laptops, ultrabooks, and other portable devices. They come in various form factors, including 2.5-inch, M.2, and PCIe cards, and are favored for their reliability, quiet operation, and reduced heat generation