30 Jun '17, 11pm

Tight Memory Supply Drives Micron's Record Sales

TORONTO – Micron Technology continues to build on a momentum that started late last year with a strong fiscal third quarter, ended June 1. Revenues for the quarter were a record $5.57 billion. That’s 20 percent higher compared to the previous quarter and 92 percent higher compared to the third quarter of fiscal 2016. It’s also the first quarter for new Micron president and CEO Sanjay Mehrotra , who in a statement outlining the quarterly financials said the strong operational performance with free cash flow nearly double that of the previous quarter enabled the company to retire $1 billion in debt. The results reflect Micron’s execution of its cost reduction plans and ongoing favorable industry supply and demand dynamics, he added. Mehrotra joined Micron in May after a long career at SanDisk prior to its sale to Western Digital last year, serving as president and CEO from 2...

Full article: http://www.eetimes.com/document.asp?doc_id=1331967

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