Micron Technology Inc (NASDAQ:MU) reported fiscal second quarter results that exceeded expectations, as strong demand for memory tied to artificial intelligence continued to drive growth and profitability.
For the quarter that ended on February 26, the company posted revenue of $23.86 billion, almost tripling from $8.05 billion a year earlier and rising sharply from $13.64 billion in the prior quarter. The figure also came in well above Micron’s guidance of $18.7 billion and the Wall Street consensus estimate of $19.87 billion.
Non-GAAP earnings per share were $12.20, beating analyst expectations of $9.70, while GAAP earnings per share came in at $12.07.
Net income reached $13.79 billion on a GAAP basis and $14.02 billion on a non-GAAP basis, both significantly higher than the year-ago period.
Micron said the results reflected record performance across several key metrics, including revenue, gross margin, earnings per share, and free cash flow.
Operating cash flow rose to $11.90 billion, compared with $8.41 billion in the previous quarter and $3.94 billion a year earlier.
“Micron set new records across revenue, gross margin, EPS, and free cash flow in fiscal Q2, driven by a strong demand environment, tight industry supply, and our strong execution, and we expect significant records again in fiscal Q3,” Micron CEO Sanjay Mehrotra said in a statement.
“In the AI era, memory has become a strategic asset for our customers, and we are investing in our global manufacturing footprint to support their growing demand.”
Micron also announced a 30% increase to its quarterly dividend, declaring a payout of $0.15 per share.
Looking ahead, Micron provided strong guidance for the fiscal third quarter. The company expects revenue of $33.5 billion, plus or minus $750 million, with gross margins around 81%. Non-GAAP earnings per share are projected at $19.15, plus or minus $0.40.
Shares of Micron traded up 1.3% at about $468 afterhours following the release of its earnings report.