Sanjay Mehrotra, CEO of Micron Technology Inc., speaks throughout an interview with CNBC on the ground on the New York Stock Exchange (NYSE) in New York City, U.S., April 26, 2024.
Brendan Mcdermid | Reuters
Micron shares plunged 13% in prolonged buying and selling on Wednesday after the chipmaker issued weak second-quarter steerage regardless of an earnings beat for the newest interval.
Here’s how the corporate did in comparison with analysts’ expectations surveyed by LSEG:
- Earnings per share: $1.79, adjusted vs. $1.75 anticipated
- Revenue: $8.71 billion vs. $8.71 billion anticipated
For the second quarter, Micron stated it expects income of $7.9 billion, plus or minus $200 million, and adjusted earnings per share of $1.43, plus or minus 10 cents. Analysts had been anticipating income of $8.98 billion and EPS of $1.91, in response to LSEG.
The pc reminiscence and storage firm has seen its shares climb 22% yr to this point as of market shut, trailing the Nasdaq’s 29% achieve. In the earnings report, Micron highlighted knowledge facilities and synthetic intelligence ventures with Nvidia’s processors as progress areas.
“While consumer-oriented markets are weaker within the close to time period, we anticipate a return to progress within the second half of our fiscal yr, stated CEO Sanjay Mehrotra in a press launch. “We proceed to achieve share within the highest margin and strategically necessary elements of the market and are exceptionally nicely positioned to leverage AI-driven progress to create substantial worth for all stakeholders.”
