Micron Q2 Earnings: Revenue Beat, EPS Beat, Strong Guidance, 'Multi-Year' AI Opportunity And More

Micron Technology Inc MU reported fiscal second-quarter financial results Wednesday after the bell. Here’s a look at the key metrics from the quarter.

Q2 Earnings: Micron reported first-quarter revenue of $5.82 billion, which beat the consensus estimate of $5.342 billion. The company reported adjusted earnings of 42 cents per share, which easily beat analyst estimates for a loss of 25 cents per share.

Micron has now beat analyst estimates on both the top and bottom line in four consecutive quarters, according to data from Benzinga Pro.

Operating cash flow came in at $1.22 billion, up from $343 million in the prior year’s quarter, but down from $1.4 billion quarter-over-quarter. Adjusted free cash flow came in at negative $29 million for the quarter.

Micron said it ended the quarter with $9.72 billion in cash, marketable securities and restricted cash.

"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.

"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."

Outlook: Micron expects fiscal third-quarter revenue of $6.6 billion, plus or minus $200 million, versus estimates of $6 billion. The company anticipates third-quarter adjusted earnings of 38 cents to 52 cents per share versus estimates of 20 cents per share.

Micron’s management team will hold a conference call to discuss these results at 4:30 p.m. ET.

Check This Out: How To Earn $500 A Month From Micron Stock Ahead Of Q2 Earnings Report

MU Price Action: Micron shares were up 11.7% after hours at $107.49 at the time of writing, according to Benzinga Pro.

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