Sanjay Mehrotra, CEO of Micron Technology Inc., speaks during an interview with CNBC at the New York Stock Exchange (NYSE) in New York, U.S., April 26, 2024.
Brendan McDermid | Reuters
micro Shares plunged 13% in extended trading on Wednesday after the chipmaker gave weak second-quarter guidance, despite a recent earnings beat.
Here’s how the company compares to analysts’ expectations surveyed by LSEG:
- Earnings per share: $1.79, adjusted and expected $1.75
- Income: $8.71 billion vs $8.71 billion expected
For the second quarter, Micron said it expects revenue of $7.9 billion, plus or minus $200 million, and adjusted earnings per share of $1.43, plus or minus 10 cents. Analysts had expected revenue of $8.98 billion and EPS of 1.91 euros, according to LSEG.
The computer memory and storage company has seen its stock rise 22% in the market so far, trailing a 29% gain on the Nasdaq. in the year earnings reportMicron singled out data centers and artificial intelligence businesses as areas of growth with Nvidia’s processors.
“While consumer-facing markets are weaker in the short term, we anticipate a return to growth in the second half of our fiscal year,” CEO Sanjay Mehrotra said in a press release. “We continue to gain the highest-margin and most strategically important share of the market and are well positioned to take advantage of AI-driven growth to create significant value for all stakeholders.”
ORDERED: Micron shares continue to lead
