Micron Technology Inc (NASDAQ:MU) reported fiscal second-quarter financial results Wednesday after the bell. Here’s a look at the key metrics from the quarter.
Q2 Earnings: Micron reported first-quarter revenue of $5.82 billion, which beat the consensus estimate of $5.342 billion. The company reported adjusted earnings of 42 cents per share, which easily beat analyst estimates for a loss of 25 cents per share.
Operating cash flow came in at $1.22 billion, up from $343 million in the prior year’s quarter, but down from $1.4 billion quarter-over-quarter. Adjusted free cash flow came in at negative $29 million for the quarter.
Micron said it ended the quarter with $9.72 billion in cash, marketable securities and restricted cash.
“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,” said Sanjay Mehrotra, president and CEO of Micron.
“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.”
Outlook: Micron expects fiscal third-quarter revenue of $6.6 billion, plus or minus $200 million, versus estimates of $6 billion. The company anticipates third-quarter adjusted earnings of 38 cents to 52 cents per share versus estimates of 20 cents per share.