Micron Technology, Inc. (NASDAQ: MU) on Dec. 20 reported a net loss of $1.23 billion, or $1.12 a share, during the first quarter of its fiscal year 2024, which ended Nov. 30. The figures compare to a net loss of $195 million, or 18 cents per share, during the same period in its fiscal year […]
Micron Technology, Inc. (NASDAQ: MU) on Dec. 20 reported a net loss of $1.23 billion, or $1.12 a share, during the first quarter of its fiscal year 2024, which ended Nov. 30.
The figures compare to a net loss of $195 million, or 18 cents per share, during the same period in its fiscal year 2023.
Micron Technology posted better-than-expected results for its November quarter, sending the stock higher in premarket trading the following day, per a Dec. 21 Barron’s website article.
Boise, Idaho–based Micron plans to invest up to $100 billion over the next 20-plus years on a semiconductor manufacturing campus at the White Pine Commerce Park in the town of Clay.
The memory-chip maker generated revenue of $4.73 billion during its fiscal first quarter, up from the $4.09 billion generated during the same period last year, per its earnings report.
Micron also reported operating cash flow of $1.4 billion, up from $943 million for the same period last year.
“Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” Sanjay Mehrotra, president and CEO of Micron Technology, said in the company’s report. “We expect our business fundamentals to improve throughout 2024, with record industry TAM [total addressable market] projected for calendar 2025. Our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets.”
