Micron Q2 Earnings: Revenue Beat, Data Center Sales Triple, EPS Beat, Strong Guidance, Shares Jump

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

Q2 Earnings: Micron reported second-quarter revenue of $8.05 billion, beating the consensus estimate of $7.89 billion. Total revenue was up from $5.82 billion on a year-over-year basis.

The company reported second-quarter adjusted earnings of $1.56 per share, beating analyst estimates of $1.42 per share, according to Benzinga Pro.

Operating cash flow came in at $3.94 billion versus $3.24 billion in the prior quarter and $1.22 billion in the comparable quarter last year. Adjusted free cash flow was $857 million in the second quarter. The company ended the period with $9.6 billion in cash, marketable investments and restricted cash.

“Micron delivered fiscal Q2 EPS above guidance and data center revenue tripled from a year ago,” said Sanjay Mehrotra, president and CEO of Micron.

“We are extending our technology leadership with the launch of our 1-gamma DRAM node. We expect record quarterly revenue in fiscal Q3, with DRAM and NAND demand growth in both data center and consumer-oriented markets, and we are on track for record revenue and significantly improved profitability in fiscal 2025.”

Guidance: Micron expects third-quarter revenue of $8.8 billion, plus or minus $200 million, versus estimates of $8.49 billion. The company anticipates third-quarter adjusted earnings of $1.57 per share, plus or minus 10 cents per share, versus estimates of $1.47 per share.

Micron executives will further discuss the quarter on a conference call with analysts and investors at 4:30 p.m. ET.

MU Price Action: Micron shares were up 5.16% after hours, trading at $108.31 at the time of publication Thursday, according to Benzinga Pro.

Read Next:

• US Consumers Face Risks As Rising Cost Of Living, Job Market ‘Cracks’ Threaten Spending, Bank of America Warns

Photo: Courtesy of Micron.