The company reported GAAP net income of $803 million, or $0.71 per diluted share and Non-GAAP net income of $897 million, or $0.78 per diluted share
Micron Technology, Inc. has announced results for its first quarter of fiscal 2021, which ended Third December 2020. The company reported revenue of $5.77 billion versus $6.06 billion for the prior quarter and $5.14 billion for the same period last year.
“Micron delivered outstanding fiscal first quarter results, driven by focused execution and strong end-market demand,” said Micron Technology President and CEO Sanjay Mehrotra.
He added, “We are excited about the strengthening DRAM industry fundamentals. For the first time in our history, Micron is simultaneously leading on DRAM and NAND technologies, and we are in an excellent position to benefit from accelerating digital transformation of the global economy fueled by AI, 5G, cloud, and the intelligent edge.”
The company reported GAAP net income of $803 million, or $0.71 per diluted share and Non-GAAP net income of $897 million, or $0.78 per diluted share. It also noted an operating cash flow of $1.97 billion versus $2.27 billion for the prior quarter and $2.01 billion for the same period last year
Micron in November 2020 had announced that it was allocating $50 million of its cash and short-term investments to support economic development efforts across the U.S. in predominantly Black and other underserved communities. Micron has previously allocated $100 million for management under veteran-owned firm, Academy Securities, and $100 million under Ramirez Asset Management, Inc. (RAM), an affiliate of Samuel A. Ramirez & Company, Inc. which is the oldest and largest Hispanic owned Investment bank in the U.S., delivering on Micron’s focus to support firms owned and managed by members of underrepresented groups.
