Companies /Technology

Micron Technology Inc

NASDAQ: MU Semiconductors
$975.26
▼ $2.15 (−0.22%) today
Markets closed · 1:50pm ET

Q4 2024 Earnings

Reported Sep 25, 2024, 4:00pm ET · SEC source
$1.18
Beat +3.51%
EPS · est. $1.14
$7.8B
Beat +1.51%
Revenue · est. $7.6B
−4.7%
Trailing market
MU vs S&P since report
8 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%0+6%Sep 25Sep 26report 4:00pm ETearnings+0.4%+4.2%
−6%0+6%Sep 25Sep 26earnings+0.4%+4.2%
MU +4.2%S&P 500 +0.4%
−6%0+6%Sep 25Sep 26report 4:00pm ETearnings+0.6%+4.2%
−6%0+6%Sep 25Sep 26earnings+0.6%+4.2%
MU +4.2%NASDAQ +0.6%
−10%−5%0Sep 24Oct 3report 4:00pm ETearnings−0.5%−6.2%
−10%−5%0Sep 24Oct 3earnings−0.5%−6.2%
MU −6.2%S&P 500 −0.5%
−10%−5%0Sep 24Oct 3report 4:00pm ETearnings−1.2%−6.2%
−10%−5%0Sep 24Oct 3earnings−1.2%−6.2%
MU −6.2%NASDAQ −1.2%
+14.73%
Day of report
−2.17%
Next session
−7.34%
One week
−3.18%
30 days

S&P 500 over the same 30 days: +1.49%.

Did MU Beat Earnings? Q4 2024 Results

Micron Technology capped fiscal 2024 with a strong fourth-quarter performance, posting adjusted EPS of $1.18 against a consensus estimate of $1.13, a beat of 4.42%, while revenue of $7.75 billion edged past the $7.63 billion consensus by 1.51% and nearly doubled year-over-year, climbing 93.3% from $4.01 billion in the prior-year period. The driving force behind the surge was unmistakable: explosive demand for AI-related memory products, particularly data center DRAM and high bandwidth memory chips, which powered a recovery in gross margins to 35.3% on a GAAP basis from negative 10.8% a year ago. The company also swung to GAAP net income of $887 million, compared to a net loss of $1.43 billion in Q4 fiscal 2023, underscoring how dramatically the memory cycle has shifted. Shares jumped more than 13% following the results, reflecting investor enthusiasm over Micron's fiscal Q1 2025 guidance for revenue of $8.70 billion and non-GAAP EPS of $1.74, with management projecting continued record revenue momentum into the full fiscal year.

Key Takeaways
  • 93% year-over-year revenue growth driven by robust AI demand
  • Strong ramp of data center DRAM products and high bandwidth memory
  • Record NAND revenue led by data center SSD sales exceeding $1 billion quarterly
  • Record data center revenue in fiscal Q4
  • Gross margin recovery from negative 10.8% to 35.3% GAAP year-over-year
  • Operating cash flow surged to $3.41 billion from $249 million year-over-year

“Micron delivered 93% year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory. Our NAND revenue record was led by data center SSD sales, which exceeded $1 billion in quarterly revenue for the first time.”

Micron Technology CEO, on the earnings call

Forward Guidance & Outlook

For fiscal Q1 2025, Micron guided revenue of $8.70 billion ± $200 million, GAAP gross margin of 38.5% ± 1.0%, non-GAAP gross margin of 39.5% ± 1.0%, GAAP operating expenses of $1.211 billion ± $15 million, non-GAAP operating expenses of $1.085 billion ± $15 million, GAAP diluted EPS of $1.54 ± $0.08, and non-GAAP diluted EPS of $1.74 ± $0.08. Management forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability for the full fiscal 2025.

MU YoY Financials

Q4 2024 vs Q4 2023 · SEC filings Q4 2023 Q4 2024
$0$3.0B$6.0B$4.0B$7.8BRevenue$330.1M$2.7BGross Profit$501.6M$1.5BOperating Income$338.5M$887.0MNet Income
$0$3.0B$6.0BRevenueGross ProfitOperating IncomeNet Income

MU Revenue by Segment

Cloud Memory
Core Data Center
Mobile and Client
Automotive and Embedded

Figures from SEC filings and company reports. Not investment advice.