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.
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