Micron Technology has announced impressive financial results for its fourth quarter and the full fiscal year 2024, driven by robust demand in AI and data center markets.
For the fourth quarter ending August 29, 2024, Micron reported revenue of $7.75 billion, marking a 93 percent year-over-year increase. For the full fiscal year, revenue reached $25.11 billion, a 62 percent rise compared to the previous year.
Micron’s revenue breakdown for fiscal 2024 highlights strong performance across its business segments:
Compute and Networking: $9.51 billion, up 67 percent
Mobile: $6.35 billion, up 75 percent
Storage: $4.59 billion, up 80 percent
Embedded: $4.61 billion, up 27 percent
The company attributes its significant Q4 growth to increased demand for data center DRAM products and record NAND revenue driven by over $1 billion in data center SSD sales.
Micron President and CEO Sanjay Mehrotra emphasized the importance of AI-driven demand in the company’s results.
Performance by Technology
DRAM: Generated $17.6 billion in fiscal 2024, accounting for 70 percent of total revenue, with $5.3 billion in Q4. DRAM revenue grew 14 percent quarter-over-quarter (Q/Q), with average selling prices (ASPs) rising in the mid-teens percentage range.
NAND: Accounted for $7.2 billion in FY-24, or 29 percent of total revenue. Q4 NAND revenue reached $2.4 billion, a 15 percent Q/Q increase, with bit shipments and ASPs both rising in the high-single digits.
Capital Expenditures and Future Outlook
Micron invested $3.08 billion in capital expenditures during the fourth quarter and $8.12 billion for the full fiscal year. Looking ahead, the company projects capital expenditures for fiscal 2025 to represent a mid-30s percentage of revenue. Much of this spending will focus on greenfield fab construction and investments in high bandwidth memory (HBM).
Micron is also continuing its investments in new facilities in Idaho and New York, though these projects will not impact bit supply until fiscal 2025 and 2026. The company plans to exercise financial discipline by maintaining bit market share while walking away from less profitable business opportunities, with a focus on improving overall profitability.
