December 21st, 2017 by Adam Armstrong
Micron Reports 1Q18 Earnings
This week Micron Technology, Inc. announced its earnings for the first quarter of its 2018 financial year, which ended November 30, 2017. Overall, Micron is showing a marked improvement in sales and earnings for this quarter. This news also had a positive impact on its stock as it saw a sharp jump before leveling off slightly higher than where it was before the earnings report.
Looking at the numbers for the quarter, Micron is reporting revenue of $6.8 billion, a 71% jump over the same time last year. Net income was $2.68 billion ($2.19 diluted earnings per share [EPS]) GAAP and $2.99 billion ($2.45 diluted EPS) non-GAAP. The GAAP net income was up from $180 million this same time last year, a massive leap. Operating cash flow is up 220% from this time last year to $3.64 billion. Gross margin was 55.1% GAAP and 55.4% non-GAAP.
The company saw increases across the board in all of its various units: datacenter, mobile, embedded, and graphics and announced record SSD revenues. The fact that all of these markets are growing and thus growing demand for Micron’s products didn’t hurt a bit either. The company has been announcing next-gen and advanced technology and it states that it has been able to successfully add this new technology into production.