Micron Technology reported its Third Quarter 2024 financial results, showing a significant increase in revenue and net income compared to the same period in 2023. Revenue reached US$6.81 billion, up 82% from the previous year, while net income was US$332.0 million, a substantial improvement from the US$1.90 billion loss in 3Q 2023. The company also saw a profit margin of 4.9%, a positive shift from the net loss reported in the previous year. This move to profitability was primarily driven by higher revenue, with earnings per share (EPS) reaching US$0.30, an increase from the US$1.73 loss in 3Q 2023.
Micron Technology managed to exceed analyst expectations in terms of revenue and EPS, beating estimates by 2.0% and 1.2% respectively. Looking ahead, the company forecasts a 26% annual growth in revenue over the next 3 years, outperforming the Semiconductor industry’s projected 18% growth in the US.
Despite the positive financial results, the company’s shares have declined by 5.7% in the past week, indicating some investor uncertainty. It’s important to acknowledge the potential investment risks associated with Micron Technology, as identified by analysts. Understanding these risks should be a crucial part of the investment decision-making process.
As a general disclaimer, this article by Simply Wall St offers commentary based on historical data and analyst forecasts. It is not intended as financial advice and should not be the sole basis for investment decisions. The analysis provided aims to offer a long-term perspective driven by fundamental data. For any concerns about the content or feedback, readers can reach out directly to the publication.