Key Takeaways
Micron Expertise shares tumbled in prolonged buying and selling Wednesday after the corporate reported third-quarter revenue that missed analysts’ estimates and provided smooth income steering.Whereas Micron’s income steering for the ultimate quarter of fiscal 2024 was in step with projections compiled by Seen Alpha, J.P. Morgan and Citi analysts urged buyers had larger expectations.The corporate’s income for the third quarter rose from the year-ago interval and got here simply forward of analysts’ estimates as information middle SSD income hit a report excessive.
Micron Expertise (MU) shares tumbled over 5% in prolonged buying and selling Wednesday after the corporate reported third-quarter revenue that missed analysts’ estimates and provided smooth income steering.
Micron’s income of $6.81 billion for the fiscal third quarter of 2024 was up over 81% from the year-ago interval and above analysts’ expectations, based on estimates compiled by Seen Alpha.
Micron reported web revenue of $332 million in comparison with a lack of $1.9 billion in the identical interval a yr prior, although that determine missed analysts’ projections. Diluted earnings per share got here in at 30 cents, in step with estimates.
Q3 FY 2024
Analyst Estimates for Q3 FY 2024
Q3 FY 2023
Income
$6.81 billion
$6.7 billion
$3.75 billion
Diluted Earnings Per Share
30 cents
30 cents
($1.73)
Internet Earnings
$332 million
$399.39 million
($1.9 billion)
“Sturdy AI demand and powerful execution enabled Micron to drive 17% sequential income development, exceeding our steering vary in fiscal Q3,” Micron CEO Sanjay Mehrotra stated, including “We’re gaining share in high-margin merchandise like Excessive Bandwidth Reminiscence (HBM), and our information middle SSD income hit a report excessive, demonstrating the energy of our AI product portfolio throughout DRAM and NAND.”
Micron projected income of $7.6 billion for the ultimate quarter of fiscal 2024, in step with projections compiled by Seen Alpha, although J.P. Morgan and Citi analysts urged buyers had larger expectations.
Micron shares have been down 5.7% at $134.26 in prolonged buying and selling as of 5:15 p.m. ET Wednesday following the corporate’s earnings launch.