Micron Achieves Operating Profit Turnaround... Sales Surge 57%

Net Profit Turns Positive at Approximately $800 Million
"Will Become the Biggest Beneficiary in the Semiconductor Industry Through AI"

Micron Technology, a U.S. memory semiconductor company chasing Samsung Electronics and SK Hynix, shook its competitors by announcing second-quarter results that greatly exceeded expectations.

Micron Technology

On the 21st (Korean time), Micron announced that it recorded sales of $5.82 billion (approximately 7.8017 trillion KRW) in the second quarter of fiscal year 2024 (December 2023 to February 2024). This figure is about 57% higher than the $3.693 billion (approximately 4.9504 trillion KRW) recorded in the same period last year. It also surpassed the expert forecast of $5.35 billion (7.1716 trillion KRW) compiled by investment information firm LSEG. During this period, net profit turned positive at $793 million (1.063 trillion KRW), compared to a net loss of $2.3 billion (3.0831 trillion KRW) a year earlier. Adjusted earnings per share (EPS) were 42 cents, higher than the LSEG forecast of 25 cents.

Sanjay Mehrotra, CEO of Micron, emphasized, "Micron far exceeded our guidance range in Q2 revenue, gross margin, and quarterly EPS. This is evidence of our team's excellent execution in pricing, products, and operations."

He added, "Our outstanding product portfolio has laid the foundation for strong performance in the second half of fiscal year 2024. We believe Micron will be one of the biggest beneficiaries in the semiconductor industry from the multi-year opportunities enabled by artificial intelligence (AI)."

This content was produced with the assistance of AI translation services.