Micron Technology, Inc.'s third quarter fiscal year 2024 financial results for some basic analysis.
In terms of revenue, the revenue for this quarter was $6.811 billion, a 17% increase from $5.824 billion in the previous quarter, and also significantly exceeded the $3.752 billion in the same period last year, showing a clear growth momentum.
In terms of net profit, according to generally accepted accounting principles (GAAP), the net income for this quarter was $332 million, or $0.30 per share, compared with $122 million in the previous quarter and a loss of $668 million in the same period last year. Under non-GAAP standards, the net income for this quarter was $702 million, or $0.62 per share, compared with $582 million in the previous quarter and a loss of $603 million in the same period last year.
In addition, operating cash flow also showed strong growth, reaching $2.48 billion this quarter, much higher than $1.22 billion in the previous quarter and $24 million in the same period last year.
The company's CEO Sanjay Mehrotra said that benefiting from the growth in demand for artificial intelligence (AI) and strong execution, the company achieved higher-than-expected revenue growth this quarter and expects to create a new revenue record in the next fiscal year.
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