In the dynamic world of after-market trading, Micron Technology Inc. (MU) truly set itself apart today, with its share price rocketing to an impressive $113.75. This sizable jump, a boost of $17.50 per share, chalked up an 18.18% gain, turning heads across the trading floor. With over 11 million shares changing hands, this surge is a testament to the buzzing activity from investors and hints at a broader excitement surrounding Micron, possibly linked to the company’s recent updates or shifts in the economic landscape.
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Micron Technology Inc. hit a financial high note in its second-quarter earnings report released on March 20, 2024, for the period ending February 29. The tech giant reported a staggering increase in revenue to $5.82 billion, up from $4.73 billion in the preceding quarter, and soaring past the $3.69 billion mark of the same quarter last year. The company’s profitability narrative continued with a GAAP net income of $793 million, translating to $0.71 per diluted share, and a non-GAAP net income of $476 million, or $0.42 per diluted share.
The quarter’s operating cash flow tallied at $1.22 billion, a slight dip from the $1.40 billion of the prior quarter, yet showcasing a robust increase from $343 million from the year-ago period. Investment in capital expenditures for the quarter was hefty at $1.25 billion, leading to adjusted free cash flows landing at negative $29 million. Nonetheless, Micron closed the quarter financially strong, with a cash reserve and investments totaling $9.72 billion. In a move rewarding its shareholders, the Board of Directors at Micron declared a quarterly dividend of $0.115 per share, scheduled for payment on April 16, 2024, to shareholders of record as of April 1, 2024.
About Micron Technology, Inc.:
As a trailblazer in memory and storage solutions, Micron Technology Inc. stands at the forefront of the industry, driving the transformation in how information is harnessed and experienced worldwide. The company’s unwavering commitment to customer satisfaction, technological advancement, and exceptional manufacturing and operational practices, ensures that the rich suite of DRAM, NAND, and NOR memory and storage solutions continue to advance.
