Memory chip maker Micron (NYSE:MU) will report results after market hours tomorrow. This is what you can expect.
Last quarter, Micron Technology (NASDAQ:MU) reported revenue of $3.75 billion, down 56.6% year over year, and exceeded analyst revenue expectations by 2.05%. It was a mixed quarter for the company, with revenue and earnings per share exceeding Wall Street expectations. On the other hand, profitability figures deteriorated. The company’s CEO did say that “the memory industry has passed its revenue trough, and we expect margins to improve as the industry’s supply and demand balance is gradually restored.”
Will Buying or Selling Micron Technology Impact Earnings? Find out by reading the original article on StockStory.
This quarter, analysts expect Micron Technology’s revenue to decline 40.9% year-over-year to $3.93 billion, a further slowdown from the 19.7% year-over-year revenue decline the company experienced in the same quarter last year recorded. The adjusted loss is expected to be -$1.18 per share.
Analysts covering the company have become increasingly optimistic about the company’s earnings direction, with revenue estimates revised upward three times in the past 30 days. The company has missed Wall St revenue estimates four times in the last two years.
With Micron Technology becoming the first among its peers to report earnings this season, we don’t have to look anywhere else to get an idea of how this quarter will unfold for semiconductor stocks, but the entire sector has been hit hard by fears for higher interest rates, with shares down an average of 5.13% over the past month. Micron Technology is up 4.18% in the same period and enters the gain with the average analyst price target of $79.85, compared to the share price of $68.04.
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The author has no position in any of the stocks mentioned.
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