Micron Technology (MU) stock surged in the after hours on Thursday following upbeat Earnings

After Thursday’s market close, shares of Micron Technology (MU) experienced a significant leap during after-hours trading, driven by the company’s financial earnings that far exceeded expectations.

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The firm, known for its memory chips, cited increased expenditures in data-center infrastructure, notably for AI applications, as a key factor in its success. This news propelled Micron’s stock to unprecedented levels, spearheading a broader surge within the semiconductor sector.

On March 20, 2024, Micron reported its fiscal second quarter results, marking the period ending February 29, 2024, with several financial achievements:

A remarkable revenue of $5.82 billion, up from $4.73 billion in the previous quarter and $3.69 billion year-over-year.

GAAP net income stood strong at $793 million, translating to $0.71 per diluted share.

The non-GAAP net income was reported at $476 million, or $0.42 per diluted share.

The company generated a robust operating cash flow of $1.22 billion.

Capital investments for the quarter were $1.25 billion, leading to an adjusted free cash flow of negative $29 million. Despite this, Micron ended the quarter with a substantial $9.72 billion in cash, marketable investments, and restricted cash.

In recognition of these results, Micron’s Board of Directors announced a quarterly dividend of $0.115 per share, to be distributed on April 16, 2024, to shareholders on record as of April 1, 2024.

Micron Technology, Inc. distinguishes itself as a vanguard in the field of memory and storage solutions, revolutionizing the utilization of information to enhance life universally. The company is committed to customer focus, technological leadership, and superior manufacturing and operational processes.

Micron’s rich array of advanced DRAM, NAND, and NOR memory and storage offerings, marketed under the Micron® and Crucial® brands, are pivotal in powering the data-driven economy. These innovations by Micron not only contribute to cutting-edge AI and 5G technologies but also catalyze progress from data centers to various intelligent devices, improving user experiences worldwide.