Micron Technology Surprises with 82% Revenue Growth, EPS Improvement and Forecasted Outperformance

Micron Technology (NASDAQ: MU) has announced its third quarter 2024 financial results, revealing significant growth compared to the same period in 2023. The company’s revenue came in at US$6.81 billion, a whopping 82% increase from the previous year. This growth was driven by higher revenue and a positive turnaround in net income, which rose from a loss of US$1.90 billion in the third quarter of 2023 to a profit of US$332.0 million in the same period this year.

The profit margin also improved dramatically, moving from a net loss to a positive 4.9%. This move towards profitability was primarily due to higher revenue. Earnings per share (EPS) were reported at US$0.30, a significant improvement from the US$1.73 loss in the third quarter of 2023.

Micron Technology’s revenue and earnings exceeded analyst expectations by 2.0% and 1.2%, respectively, indicating that the company is performing better than expected. Looking ahead, the company is forecasting an average annual revenue growth rate of 26% over the next three years, outperforming the industry average growth forecast of 18%.

Despite the positive financial results, Micron Technology’s shares dropped by 5.7% from the previous week, indicating that investors may be cautious about investing in the company due to certain risks factors that need to be considered carefully before making investment decisions.

Investors should be aware that one warning sign for Micron Technology has been identified – they should take this into account when considering investing in the company.

This article by Simply Wall St provides general commentary on Micron Technology’s performance based on historical data and analyst forecasts.

It is not intended as financial advice and investors should conduct their own research and analysis before making any investment decisions.

Simply Wall St aims to provide unbiased analysis driven by fundamental data but may not always reflect latest market developments or company announcements.

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