Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2021

2024-04-20 12:33:45 Business

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Bangalore, India, 1st July 2021-- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2021, which ended June 3, 2021.

Fiscal Q3 2021 highlights

Revenue of $7.42 billion versus $6.24 billion for the prior quarter and $5.44 billion for the same period last year
GAAP net income of $1.74 billion, or $1.52 per diluted share
Non-GAAP net income of $2.17 billion, or $1.88 per diluted share
Operating cash flow of $3.56 billion versus $3.06 billion for the prior quarter and $2.02 billion for the same period last year

\"Micron set multiple market and product revenue records in our third quarter and achieved the largest sequential earnings improvement in our history,? said Micron Technology President and CEO Sanjay Mehrotra. ?Our industry-leading 1α DRAM and 176-layer NAND now represent a meaningful portion of our production, and Micron is in the best position ever to capitalize on the long-term demand trends across the data center, intelligent edge and user devices.?

Business Outlook

The following table presents Micron?s guidance for the fourth quarter of 2021:

FQ4-21 GAAP(1) Outlook Non-GAAP(2) Outlook
Revenue $8.2 billion ? $200 million $8.2 billion ? $200 million
Gross margin 46.0% ? 1% 47.0% ? 1%
Operating expenses $955 million ? $25 million $900 million ? $25 million
Diluted earnings per share $2.23 ? $0.10 $2.30 ? $0.10
Further information regarding Micron?s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Investor Webcast

Micron will host a conference call on Wednesday, June 30, 2021, at 2:30 p.m. MT, to discuss its third quarter financial results and provide forward-looking guidance for its fourth quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/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.