Thu, Jun 27, 5:23 PM (376 days ago)
Micron Technology, Inc.'s Q3 2024 financial report showcases significant improvement in its financial health and performance metrics. Revenue surged to $6.81 billion, an 82% increase year-over-year, driven by higher average selling prices and increased bit shipments for both DRAM and NAND products. Gross margin improved to 27%, up from negative 18% in Q3 2023, primarily due to higher selling prices, manufacturing cost reductions, and the sale of previously written-down inventories. Operating income rose to $719 million from a loss of $1.76 billion in the same quarter last year. The company reported a net income of $332 million, a notable recovery from a loss of $1.90 billion in Q3 2023. Cash flow from operations was $5.10 billion for the first nine months, an increase from $1.31 billion in the prior year, supported by higher revenues and improved profitability. However, Micron faces uncertainties such as geopolitical risks, supply chain constraints, and competition, which could impact future operations. The company is also investing heavily in capacity expansions, including new fabs in the U.S., contingent on government incentives.