Micron Technology’s fourth-quarter revenue of US$6.64 billion fell 23.1% month-on-month, and net profit fell 43.2%

Micron Technology's fourth-quarter revenue of US$6.64 billion fell 23.1% month-on-month, and net profit fell 43.2%

Micron Technology's fourth-quarter revenue of US.64 billion fell 23.1% month-on-month, and net profit fell 43.2%Micron Technology's fourth-quarter revenue of US.64 billion fell 23.1% month-on-month, and net profit fell 43.2%

Micron Technology announced its fourth quarter and full-year financial results for fiscal 2024 ending September 1, 2024.

According to the financial report, Micron’s Q4 operating income in fiscal year 2024 was US$6.64 billion, compared with US$8.64 billion in the previous quarter, down 23.1% from the previous quarter; net profit in the fourth quarter was US$1.492 billion, compared with US$2.626 billion in the previous quarter, down 43.2% from the previous quarter. . Fourth-quarter gross margin was 27.6% and EPS was 1.35%.

In fiscal 2024, Micron’s operating income reached $30.76 billion, and in fiscal 2024, operating income was $27.7 billion, an increase of 11% year-on-year; net profit in fiscal 2024 was $8.687 billion, compared with $5.861 billion in the previous fiscal year, a year-on-year increase of 48.2%. Gross margin in fiscal 2024 is 23% to 27%, and EPS is $0.01 to $0.19.

Naijatechnews has reported that Micron Technology stated in its financial report that future memory chip demand and company operations will face more serious difficulties, and the company will cut investment plans.

The company’s chief executive, Sanjay Mehrotra, also said that Micron has cut capital expenditures significantly before and now expects capital expenditures in fiscal 2023 to be $8 billion, down from the previous year. 30% . For the second half of fiscal 2023, though, Micron is forecasting strong revenue growth, with the company forecasting a recovery in global memory chip market demand early next year.

Earlier this year, U.S. semiconductor maker Micron Technology Inc. was the first in the industry to warn of a slump in global demand for chips for personal computers and smartphones.

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