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Micron Technology: $8.64 billion in revenue and 46.7% gross margin in the third quarter

Micron Technology, Inc. announced its results for the third quarter ended June 2, 2022.

According to the report, Micron Technology reported operating income of $8.64 billion, compared to $7.79 billion in the previous quarter and $7.42 billion in the same quarter last year, and the company’s gross margin was 46.7 percent. GAAP net income was $2.63 billion, or $2.34 per diluted share.

Non-GAAP net income was $2.94 billion, or $2.59 per diluted share. Cash flow from operations was $3.84 billion, compared to $3.63 billion in the prior year quarter and $3.56 billion in the same quarter last year.

Micron Technology achieved record revenue in the third quarter, driven by our team’s excellent execution in technology, product and manufacturing,” said Sanjay Mehrotra, president and chief executive officer of Micron Technology.

Recently, the industry demand environment has weakened and we are taking action to slow supply growth. We are confident in the long-term demand for memory and storage and are well positioned to deliver strong cross-cycle financial results.”

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