8-K Analysis: Micron Technology Surges Back to Profitability with Strong Q2 Results Amid AI Demand
Portfolio Pulse from Tornado
Micron Technology, Inc. (NASDAQ:MU) reported strong fiscal Q2 2024 results, with significant revenue growth to $5.82 billion and a return to profitability, driven by AI demand and a tight supply environment. The company's gross margin improved to 18.5%, and GAAP net income reached $793 million. Despite a negative free cash flow of $29 million, forward guidance is positive, projecting Q3 revenue around $6.60 billion and improved margins.
April 02, 2024 | 4:39 pm
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Micron Technology reported a strong fiscal Q2 2024, with significant revenue growth and a return to profitability, driven by AI demand. The company's positive forward guidance suggests continued growth.
Micron's substantial revenue growth, return to profitability, and positive forward guidance, particularly in the context of AI demand and a tight supply environment, are likely to positively impact investor sentiment and the stock price in the short term. The significant improvement in margins and earnings turnaround further bolster the positive outlook.
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