Sanjay Mehrotra, CEO of Micron Know-how Inc., speaks throughout an interview with CNBC on the ground on the New York Inventory Trade (NYSE) in New York Metropolis, 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 steering regardless of an earnings beat for the most recent interval.
This is how the corporate did in comparison with analysts’ expectations surveyed by LSEG:
- Earnings per share: $1.79, adjusted vs. $1.75 anticipated
- Income: $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, based on LSEG.
The pc reminiscence and storage firm has seen its shares climb 22% 12 months up to now as of market shut, trailing the Nasdaq’s 29% achieve. Within the earnings report, Micron highlighted information facilities and synthetic intelligence ventures with Nvidia’s processors as progress areas.
“Whereas consumer-oriented markets are weaker within the close to time period, we anticipate a return to progress within the second half of our fiscal 12 months, stated CEO Sanjay Mehrotra in a press launch. “We proceed to realize share within the highest margin and strategically essential components of the market and are exceptionally effectively positioned to leverage AI-driven progress to create substantial worth for all stakeholders.”
