Micron Technology Inc. has announced results for the third quarter of fiscal 2021. The company’s revenue stood at $7.42 billion, compared to $6.24 billion during the prior quarter and $5.44 billion for the same period last year.
Further, the generally accepted accounting principles (GAAP) net income was $1.74 billion, or $1.52 per diluted share. It reported a net income of $2.17 billion, or $1.88 per diluted share, in accordance with non-GAAP.
The company’s operating cash flow was $3.56 billion, compared with $3.06 billion for the previous quarter and $2.02 billion for the same period in last year’s financial year.
Commenting on the development, Sanjay Mehrotra, President and CEO, Micron Technology, said, “Micron set multiple market and product revenue records in our third quarter and achieved the largest sequential earnings improvement in our history. Our industry-leading 1α DRAM and 176-layer NAND now represent a meaningful portion of our production, and Micron is in the best position ever to capitalise on the long-term demand trends across the data centre, intelligent edge and user devices.”
Capital expenditures, net(2) were $2.04 billion for the third quarter of 2021, resulting in adjusted free cash flows(2) of $1.52 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $9.82 billion, for a net cash(2) position of $3.10 billion.
