Micron has strong Q2 as NAND volumes jump

micronMicron Technology has reported a large jump in revenues in the second quarter of fiscal 2014.

Second quarter revenues of $4.11bn were 98% higher than Q2 fiscal 2013 and just 2% higher than Q1.

Demand for NAND flash memory products increased by 38% quarter-on-quarter, but due to price erosion of 18% the increase in NAND flash revenues was pegged at 11% quarter-on-quarter.

Revenues from sales of DRAM memory ICs were flat.

Gross margin was increased to 34% in the second quarter largely due to higher DRAM gross margin.

On a GAAP basis, net income doubled to $731m. This represents a big turnaround from the year ago Q2 when Micron reported a net loss of $286m.

Cash flows from operations for the second quarter of fiscal 2014 were $1.39bn, while investments in capital expenditures were $565m.

The company ended the second fiscal quarter with cash and marketable investments of $5.06bn.

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Tags: Micron, Micron Technology, NAND, second quarter

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