Revenue for the quarter was $5.6 billion, up from $2.9 billion in calendar Q2 2016.
“Micron delivered strong operational performance in the third quarter with free cash flow nearly double last quarter, which enabled us to retire $1 billion in debt,” says CEO Sanjay Mehrotra, “our results reflect solid execution of our cost reduction plans and ongoing favorable industry supply and demand dynamics. The global trends taking shape today, including machine learning and big data analytics, are exciting and create significant opportunities for Micron. We are focused on positioning the company to realise these opportunities by investing in technology and products while also strengthening our balance sheet.”
The calendar Q2. revenue increase of 20% compared to the previous quarter was due primarily to a 14% increase in DRAM ASP and a 17% increase in NAND sales volumes.
The company’s overall consolidated gross margin for the quarter was approximately 10 percentage points higher compared to the previous quarter primarily due to increases in DRAM ASPs and manufacturing cost reductions for both NAND and DRAM.
Investments in capital expenditures, net of amounts funded by partners, were $1.27 billion for the quarter.
The company ended the quarter with $4.9 billion cash.