Micron Technology, Inc. stock research
FY2024 Q3
Micron Technology (MU) Gross Margin — Quarter Ended May 30, 2024
Revenue increased from both the prior quarter and the same quarter last year, while cost of revenue rose at a slower pace, leading to gross profit growth and a stronger gross margin. The gross margin turned positive from a negative figure one year ago and improved sequentially.
Gross margin takeaway
Quarter ended May 30, 2024 · FY2024 Q3
Revenue increased from both the prior quarter and the same quarter last year, while cost of revenue rose at a slower pace, leading to gross profit growth and a stronger gross margin. The gross margin turned positive from a negative figure one year ago and improved sequentially.
- Gross profit grew faster than revenue, driving the margin expansion. The improvement in gross profit relative to cost of revenue is the primary observable factor.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, and gross margin improved. Versus the same quarter one year earlier, revenue and gross profit were substantially higher, and gross margin turned from negative to positive.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
26.9%
Gross profit
$1.8B
Revenue
$6.8B
Cost of revenue
$5.0B
Quarter-over-quarter change
+8.4 pts
Year-over-year change
+44.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Aug 31, 2023 | $4.0B | -$435.0M | $4.4B | -10.8% |
| Nov 30, 2023 | $4.7B | -$35.0M | $4.8B | -0.7% |
| Feb 29, 2024 | $5.8B | $1.1B | $4.7B | 18.5% |
| May 30, 2024 | $6.8B | $1.8B | $5.0B | 26.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Feb 29, 2024
+8.4 pts
Year-over-year change
Jun 1, 2023
+44.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross profit grew faster than revenue, driving the margin expansion. The improvement in gross profit relative to cost of revenue is the primary observable factor.
Compared to the immediately preceding quarter, revenue and gross profit were higher, and gross margin improved. Versus the same quarter one year earlier, revenue and gross profit were substantially higher, and gross margin turned from negative to positive.
Monitor the trend of cost of revenue relative to revenue, as its growth rate influences future margin levels.