Micron Technology, Inc., a leading innovator in memory and storage solutions, has announced its financial results for the second quarter of fiscal 2024, which ended on February 29, 2024. The company reported strong performance, with revenue, gross margin, and earnings per share (EPS) exceeding the high end of its guidance range. Micron's impressive results can be attributed to the company's excellent execution on pricing, products, and operations, as well as the growing demand for its solutions driven by the rapid adoption of artificial intelligence (AI) technologies.
In the second quarter of fiscal 2024, Micron achieved revenue of $5.82 billion, a significant increase from $4.73 billion in the prior quarter and $3.69 billion in the same period last year. The company reported a GAAP net income of $793 million, or $0.71 per diluted share, and a non-GAAP net income of $476 million, or $0.42 per diluted share. Micron's operating cash flow also saw a substantial improvement, reaching $1.22 billion compared to $1.40 billion in the prior quarter and $343 million in the same period last year.
Sanjay Mehrotra, President and CEO of Micron Technology, expressed confidence in 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. Our preeminent product portfolio positions us well to deliver a strong fiscal second half of 2024. We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI."
The tight supply of memory and storage solutions in the market has further bolstered Micron's position, allowing the company to maintain a strong pricing environment and improve its profitability. Micron is well-positioned to capitalise on the growing demand and limited supply, which is expected to continue in the foreseeable future.
Micron provided an optimistic outlook for the third quarter of fiscal 2024, with revenue expected to be $6.60 billion ± $200 million, and gross margin anticipated to be 25.5% ± 1.5% on a GAAP basis and 26.5% ± 1.5% on a non-GAAP basis. The company also expects diluted earnings per share to be $0.17 ± $0.07 on a GAAP basis and $0.45 ± $0.07 on a non-GAAP basis.
Investors have responded positively to Micron's strong financial results and outlook, with the company's stock price experiencing significant gains following the earnings release.