Micron rises as results, forecast easily top expectations
Micron Technology Inc (NASDAQ:MU) stock was up in after-hours Wednesday after the chipmaker reported results for the first quarter that beat the average analyst estimate.
Micron said its sales rose 16% year-over-year to $4.73 billion, easily ahead of the consensus of $4.55 billion. The company also reported an adjusted operating loss of $955 million, which is better than the expected adjusted income of $1.05 billion.
Micron stock was up 4% in after-hours trading.
As a result, Micron’s adjusted loss per share for the first quarter came in at 95 cents, topping the consensus of -$1.01.
“Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” said Micron Technology (NASDAQ:MU) President and CEO Sanjay Mehrotra.
“We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025.”
For this quarter, Micron sees FQ2 loss per share at $0.28 (up or down 7 cents), easily ahead of the expected loss of 62 cents. Second-quarter revenue is expected at $5.3 billion, while analysts were looking for $5.03 billion.
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