The Strategist

Micron returns to profit in Q3 fiscal quarter

06/28/2024 - 03:30

US memory chip manufacturer Micron Technology reported a net profit along with a significant growth in revenue in the third quarter of fiscal 2024.

Micron returns to profit in Q3 fiscal quarter
The company's shares dropped at the same time since the revenue was only marginally higher than market estimates and the current quarter's outlook was mostly in line with analyst predictions.

In a press release, the business stated that its net income for the quarter that concluded on May 30 was $332 million, or $0.3 per share, as opposed to a $1.9 billion, or $1.73 per share, loss for the same period last year.

The adjusted earnings per share came to 62 cents. FactSet conducted a survey of experts, and the average response was 48 cents per share.

Micron's quarterly revenue soared to $6.81 billion from $3.75 billion a year earlier against a market average estimate of $6.67 billion.

Micron is a global leader in both the flash memory and DRAM memory chip markets. DRAM memory chips are utilized in servers and personal computers. Revenue in this category reached $4.7 billion, up 13% from the previous quarter. Revenue in the NAND memory chips category increased to $2.1 billion, a 32% quarter-over-quarter increase.