Press Release

March 20, 2024 at 4:07 PM EDT
Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2024

AI demand and tight supply accelerate return to profitability

BOISE, Idaho, March 20, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2024, which ended February 29, 2024.

Fiscal Q2 2024 highlights

  • 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 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 Technology. “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.”

Quarterly Financial Results
(in millions, except per share amounts)
GAAP(1) Non-GAAP(2)
FQ2-24FQ1-24FQ2-23 FQ2-24FQ1-24FQ2-23
Revenue$5,824 $4,726 $3,693  $5,824 $4,726 $3,693 
Gross margin 1,079  (35) (1,206)  1,163  37  (1,161)
percent of revenue 18.5% (0.7%) (32.7%)  20.0% 0.8% (31.4%)
Operating expenses 888  1,093  1,097   959  992  916 
Operating income (loss) 191  (1,128) (2,303)  204  (955) (2,077)
percent of revenue 3.3% (23.9%) (62.4%)  3.5% (20.2%) (56.2%)
Net income (loss) 793  (1,234) (2,312)  476  (1,048) (2,081)
Diluted earnings (loss) per share 0.71  (1.12) (2.12)  0.42  (0.95) (1.91)

Investments in capital expenditures, net(2) were $1.25 billion for the second quarter of 2024, which resulted in adjusted free cash flows(2) of negative $29 million. Micron ended the second quarter of 2024 with cash, marketable investments, and restricted cash of $9.72 billion. On March 20, 2024, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on April 16, 2024, to shareholders of record as of the close of business on April 1, 2024.

Business Outlook

The following table presents Micron’s guidance for the third quarter of 2024:

FQ3-24GAAP(1) OutlookNon-GAAP(2) Outlook
Revenue$6.60 billion ± $200 million$6.60 billion ± $200 million
Gross margin25.5% ± 1.5%26.5% ± 1.5%
Operating expenses$1.11 billion ± $15 million$990 million ± $15 million
Diluted earnings per share$0.17 ± $0.07$0.45 ± $0.07

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at

Investor Webcast

Micron will host a conference call on Wednesday, March 20, 2024 at 2:30 p.m. Mountain Time to discuss its second quarter financial results and provide forward-looking guidance for its third quarter. A live webcast of the call will be available online at A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow us on X @MicronTech.

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit

© 2024 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, technology trends and developments, market demand, and our financial and operating results, including our guidance for the third quarter of 2024. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

(1)GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.


(In millions, except per share amounts)
 2nd Qtr.1st Qtr.2nd Qtr.Six months ended
 February 29,
November 30,
March 2,
February 29,
March 2,
Revenue$5,824 $4,726 $3,693 $10,550 $7,778 
Cost of goods sold 4,745  4,761  4,899  9,506  8,091 
Gross margin 1,079  (35) (1,206) 1,044  (313)
Research and development 832  845  788  1,677  1,637 
Selling, general, and administrative 280  263  231  543  482 
Restructure and asset impairments     86    99 
Other operating (income) expense, net (224) (15) (8) (239) (19)
Operating income (loss) 191  (1,128) (2,303) (937) (2,512)
Interest income 130  132  119  262  207 
Interest expense (144) (132) (89) (276) (140)
Other non-operating income (expense), net (7) (27) 2  (34) (2)
  170  (1,155) (2,271) (985) (2,447)
Income tax (provision) benefit 622  (73) (54) 549  (62)
Equity in net income (loss) of equity method investees 1  (6) 13  (5) 2 
Net income (loss)$793 $(1,234)$(2,312)$(441)$(2,507)
Earnings (loss) per share     
Basic$0.72 $(1.12)$(2.12)$(0.40)$(2.30)
Diluted 0.71  (1.12) (2.12) (0.40) (2.30)
Number of shares used in per share calculations     
Basic 1,104  1,100  1,091  1,102  1,091 
Diluted 1,114  1,100  1,091  1,102  1,091 

(In millions)
As ofFebruary 29,
November 30,
August 31,
Cash and equivalents$8,016 $8,075 $8,577 
Short-term investments 990  973  1,017 
Receivables 4,296  2,943  2,443 
Inventories 8,443  8,276  8,387 
Other current assets 1,690  791  820 
Total current assets 23,435  21,058  21,244 
Long-term marketable investments 627  720  844 
Property, plant, and equipment 37,587  37,677  37,928 
Operating lease right-of-use assets 642  648  666 
Intangible assets 414  416  404 
Deferred tax assets 664  781  756 
Goodwill 1,150  1,150  1,150 
Other noncurrent assets 1,199  1,326  1,262 
Total assets$65,718 $63,776 $64,254 
Liabilities and equity   
Accounts payable and accrued expenses$4,680 $3,946 $3,958 
Current debt 344  908  278 
Other current liabilities 1,235  1,108  529 
Total current liabilities 6,259  5,962  4,765 
Long-term debt 13,378  12,597  13,052 
Noncurrent operating lease liabilities 593  601  603 
Noncurrent unearned government incentives 662  705  727 
Other noncurrent liabilities 956  1,026  987 
Total liabilities 21,848  20,891  20,134 
Commitments and contingencies   
Shareholders’ equity   
Common stock 125  124  124 
Additional capital 11,564  11,217  11,036 
Retained earnings 39,997  39,356  40,824 
Treasury stock (7,552) (7,552) (7,552)
Accumulated other comprehensive income (loss) (264) (260) (312)
Total equity 43,870  42,885  44,120 
Total liabilities and equity$65,718 $63,776 $64,254 

(In millions)
Six months endedFebruary 29,
March 2,
Cash flows from operating activities  
Net income (loss)$(441)$(2,507)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation expense and amortization of intangible assets 3,839  3,863 
Stock-based compensation 401  303 
Provision to write-down inventories to net realizable value   1,430 
Change in operating assets and liabilities:  
Receivables (1,759) 2,910 
Inventories (57) (2,896)
Other current assets (799) 4 
Accounts payable and accrued expenses 573  (1,144)
Other current liabilities 706  (638)
Other 157  (39)
Net cash provided by operating activities 2,620  1,286 
Cash flows from investing activities  
Expenditures for property, plant, and equipment (3,180) (4,654)
Purchases of available-for-sale securities (465) (293)
Proceeds from maturities and sales of available-for-sale securities 726  773 
Proceeds from government incentives 234  64 
Other (24) (71)
Net cash provided by (used for) investing activities (2,709) (4,181)
Cash flows from financing activities  
Repayments of debt (1,101) (53)
Payments of dividends to shareholders (256) (252)
Payments on equipment purchase contracts (82) (76)
Repurchases of common stock - repurchase program   (425)
Proceeds from issuance of debt 999  5,221 
Other (18) 19 
Net cash provided by (used for) financing activities (458) 4,434 
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash (8) 9 
Net increase (decrease) in cash, cash equivalents, and restricted cash (555) 1,548 
Cash, cash equivalents, and restricted cash at beginning of period 8,656  8,339 
Cash, cash equivalents, and restricted cash at end of period$8,101 $9,887 

(All tabular amounts in millions)


In 2023, we recorded charges of $1.83 billion to cost of goods sold to write down the carrying value of work in process and finished goods inventories to their estimated net realizable value (“NRV”). The impact of inventory NRV write-downs for each period reflects (1) inventory write-downs in that period, offset by (2) lower costs in that period on the sale of inventory written down in prior periods. The impacts of inventory NRV write-downs are summarized below:

 2nd Qtr.1st Qtr.2nd Qtr.Six months ended
 February 29,
November 30,
March 2,
February 29,
March 2,
Provision to write down inventory to NRV$ $ $(1,430)$ $(1,430)
Lower costs from sale of inventory written down in prior periods 382  605    987   
 $382 $605 $(1,430)$987 $(1,430)

Income Tax

For the first quarter of 2024, we recorded tax expense based on actual first quarter results, as small changes in our projected pre-tax income cause significant changes in the estimated annual effective tax rate. With our improved fiscal 2024 outlook, we can now estimate a more reliable annual effective tax rate and have reverted to a global annual effective tax rate method. The second fiscal quarter tax benefit arises from applying this estimated annual effective tax rate to our year-to-date results.

(In millions, except per share amounts)
 2nd Qtr.1st Qtr.2nd Qtr.
 February 29,
November 30,
March 2,
GAAP gross margin$1,079 $(35)$(1,206)
Stock-based compensation 80  67  41 
Other 4  5  4 
Non-GAAP gross margin$1,163 $37 $(1,161)
GAAP operating expenses$888 $1,093 $1,097 
Stock-based compensation (129) (115) (95)
Restructure and asset impairments     (86)
Patent cross-license agreement gain 200     
Other   14   
Non-GAAP operating expenses$959 $992 $916 
GAAP operating income (loss)$191 $(1,128)$(2,303)
Stock-based compensation 209  182  136 
Restructure and asset impairments     86 
Patent cross-license agreement gain (200)    
Other 4  (9) 4 
Non-GAAP operating income (loss)$204 $(955)$(2,077)
GAAP net income (loss)$793 $(1,234)$(2,312)
Stock-based compensation 209  182  136 
Restructure and asset impairments     86 
Patent cross-license agreement gain (200)    
Other 2  (10) 8 
Estimated tax effects of above and other tax adjustments(1) (328) 14  1 
Non-GAAP net income (loss)$476 $(1,048)$(2,081)
GAAP weighted-average common shares outstanding - Diluted 1,114  1,100  1,091 
Adjustment for stock-based compensation 20     
Non-GAAP weighted-average common shares outstanding - Diluted 1,134  1,100  1,091 
GAAP diluted earnings (loss) per share$0.71 $(1.12)$(2.12)
Effects of the above adjustments (0.29) 0.17  0.21 
Non-GAAP diluted earnings (loss) per share$0.42 $(0.95)$(1.91)

(1)   As described in the Income Tax note above, the second fiscal quarter tax benefit arises from applying our estimated annual effective tax rate to our year-to-date results. A portion of this benefit is included in our non-GAAP net income, with a larger benefit in our GAAP net income. The divergence between the GAAP and non-GAAP amounts of this tax benefit relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately.

 2nd Qtr.1st Qtr.2nd Qtr.
 February 29,
November 30,
March 2,
GAAP net cash provided by operating activities$1,219 $1,401 $343 
Expenditures for property, plant, and equipment (1,384) (1,796) (2,205)
Payments on equipment purchase contracts (26) (56) (29)
Proceeds from sales of property, plant, and equipment 13  33  17 
Proceeds from government incentives 149  85  62 
Investments in capital expenditures, net (1,248) (1,734) (2,155)
Adjusted free cash flow$(29)$(333)$(1,812)

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income (loss), net income (loss), diluted shares, diluted earnings (loss) per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:

  • Stock-based compensation;
  • Gains and losses from settlements;
  • Restructure and asset impairments; and
  • The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income (loss).

FQ3-24 GAAP Outlook Adjustments Non-GAAP Outlook
Revenue$6.60 billion ± $200 million   $6.60 billion ± $200 million
Gross margin25.5% ± 1.5% 1.0%A 26.5% ± 1.5%
Operating expenses$1.11 billion ± $15 million $123 millionB $990 million ± $15 million
Diluted earnings per share(1)$0.17 ± $0.07 $0.28A, B, C $0.45 ± $0.07

Non-GAAP Adjustments
(in millions)
AStock-based compensation – cost of goods sold $78
AOther – cost of goods sold  4
BStock-based compensation – research and development  76
BStock-based compensation – sales, general, and administrative  47
CTax effects of the above items and other tax adjustments  107

(1)   GAAP earnings per share based on approximately 1.11 billion diluted shares and non-GAAP earnings per share based on approximately 1.14 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

Contacts: Satya Kumar Investor Relations (408) 450-6199 Erica Rodriguez Pompen Media Relations (408) 834-1873