Micron Technology posted fiscal fourth quarter 2024 earnings that included revenue above estimates and future guidance that kicked away recent concerns about how its financial outlook could be affected by reported delays with partner Nvidia’s new Blackwell chip.
For Q4 2024, the storage maven reeled in $7.75 billion, way above the roughly $4 billion in revenue it posted in the same quarter a year ago, and out-distancing the $6.81 billion in revenue it pulled in during the previous quarter.
With its fiscal year over, Micron also put up full-year numbers, led by revenue of $25.11 billion, nearly $10 billion more than the $15.54 billion it captured during the 2023 fiscal year.or the prior quarter and $4.01 billion for the same period last year. GAAP net income for Q4 2024 was $887 million, or $0.79 per diluted share, and for the full year $778 million, or $0.70 per diluted share.
For the fiscal first quarter of 2025, Micron is expecting revenue of between $8.5 billion and $8.9 billion. The guidance was warmly greater by investors who had consensus expectations closer to $8.3 billion, according to several published reports. The difference drove Micron's stock value from its Wednesday closing price of $95.77 to more than $108 per share in after-hours trading immediately after earnings were reported.
As with many semiconductor companies these days, the eye-popping performance comes courtesy of AI demand.
“Micron delivered 93% year-over-year revenue growth in fiscal Q4, as robust AI demand drove a strong ramp of our data center DRAM products and our industry-leading high bandwidth memory,” said Micron Technology President and CEO Sanjay Mehrotra. “Our NAND revenue record was led by data center SSD sales, which exceeded $1 billion in quarterly revenue for the first time. We are entering fiscal 2025 with the best competitive positioning in Micron's history. We forecast record revenue in fiscal Q1 and a substantial revenue record with significantly improved profitability in fiscal 2025.”
The strong fiscal Q4 report comes after Micron watchers had been somewhat disappointed in the company’s outlook for the quarter in June when Micron reported fiscal Q3 earnings. That outlook had Micron’s Q4 revenue coming in at about $7.6 billion, a mark it beat but not by much.
Micron has been riding a stock market rollercoaster this year with its MU stock price surging from around $82 early in 2024 to more than $153 per share in June, partially a product of rising DRAM and NAND prices at the time. It closed Wednesday at $95.77 after plummeting below $90 in recent weeks with recent sluggish movement in DRAM and NAND spot prices, according to TrendForce.