Micron Technology Inc. (NASDAQ: MU) reported a sharp increase in revenues for the third quarter of 2024, and the chipmaker turned to a profit from a loss last year. The results also surpassed Wall Street’s projections.
Micron reported an adjusted profit of $0.62 per share for the May quarter, compared to a loss of $1.43 per share in the year-ago quarter. Earnings also topped expectations. On an unadjusted basis, net income was $332 million or $0.30 per share in Q3, compared to a loss of $1.90 billion or $1.73 per share in the corresponding period of 2023.
Third-quarter revenues increased sharply to $6.81 billion from $3.75 billion in the prior year quarter and came in above analysts’ consensus estimates.
