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Feb 29, 2024
Micron Q2 2024 Earnings Report
Micron's Q2 2024 results reflected a return to profitability driven by AI demand and tight supply.
Key Takeaways
Micron Technology, Inc. reported strong Q2 2024 results, with revenue, gross margin, and EPS exceeding the high end of guidance. Revenue reached $5.82 billion, with a GAAP net income of $793 million, or $0.71 per diluted share.
Revenue of $5.82 billion versus $4.73 billion for the prior quarter and $3.69 billion for the same period last year
GAAP net income of $793 million, or $0.71 per diluted share
Non-GAAP net income of $476 million, or $0.42 per diluted share
Operating cash flow of $1.22 billion versus $1.40 billion for the prior quarter and $343 million for the same period last year
Micron
Micron
Forward Guidance
Micron's guidance for the third quarter of 2024 includes revenue of $6.60 billion ± $200 million, a GAAP gross margin of 25.5% ± 1.5%, and a diluted earnings per share of $0.17 ± $0.07.
Positive Outlook
- Revenue: $6.60 billion ± $200 million
- Gross margin: 26.5% ± 1.5%
- Operating expenses: $990 million ± $15 million
- Diluted earnings per share: $0.45 ± $0.07
Challenges Ahead
- Operating expenses: $1.11 billion ± $15 million
- Diluted earnings per share: $0.17 ± $0.07