Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2020
BOISE, Idaho, March 26, 2020 -- Micron Technology, Inc. announced results for its second quarter of fiscal 2020, which ended February 27, 2020.
Fiscal Q2 2020 highlights
- Revenue of $4.80 billion versus $5.14 billion for the prior quarter and $5.84 billion for the same period last year
- GAAP net income of $405 million, or $0.36 per diluted share
- Non-GAAP net income of $517 million, or $0.45 per diluted share
- Operating cash flow of $2.00 billion versus $2.01 billion for the prior quarter and $3.44 billion for the same period last year
“Micron delivered solid second quarter results and revenue at the high end of the guidance range, despite the unfolding COVID-19 pandemic,” said Micron Technology President and CEO Sanjay Mehrotra. “I am grateful to our team for the excellent business execution we have achieved during this unprecedented situation. Their resilience, together with Micron’s technology leadership, stronger product portfolio, and healthy balance sheet, give us confidence that we will emerge from this challenging time well-positioned to capture the robust long-term demand opportunities for memory and storage.”
Investments in capital expenditures, net(2) were $1.94 billion for the second quarter of fiscal 2020, which resulted in adjusted free cash flows(2) of $63 million. Micron repurchased approximately 785,000 shares of its common stock for $44 million during the second quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $8.12 billion, for a net cash(2) position of $2.70 billion.
Business Outlook
The following table presents Micron’s guidance for the third quarter of fiscal 2020:
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
For the full announcement and results, visit: https://investors.micron.com/news-releases/news-release-details/micron-technology-inc-reports-results-second-quarter-fiscal-2020
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions. Through our global brands — Micron and Crucial — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint memory, and NOR, is transforming how the world uses information to enrich life. Backed by more than 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking. Our common stock is traded on the Nasdaq under the MU symbol. To learn more about Micron Technology, Inc., visit micron.com.
Source: Micron Technology, Inc.
