Micron Technology CEO Sanjay Mehrotra spoke in an interview with CNBC at the New York Stock Exchange (NYSE) in New York City, the United States, on April 26, 2024.
Brendan McDermid | Reuters
Micron Shares of the company plunged 13% in after-hours trading on Wednesday after the chipmaker issued weak second-quarter guidance despite beating earnings estimates in the latest period.
Here’s how the company’s performance compared with analysts’ expectations polled by London Stock Exchange Group:
- Earnings per share: Adjusted $1.79, expected $1.75
- income: US$8.71 billion, expected to be US$8.71 billion
Micron said it expects second-quarter revenue of $7.9 billion, plus or minus $200 million, and adjusted earnings per share of $1.43, plus or minus 10 cents. Analysts expected revenue of $8.98 billion and earnings of $1.91 per share, according to LSEG.
The computer memory and storage company’s shares were up 22% so far this year as of close, lagging the Nasdaq’s 29% gain. exist earnings reportMicron emphasized data center and artificial intelligence companies using Nvidia processors as growth areas.
“While consumer-oriented markets are soft in the near term, we expect a return to growth in the second half of this fiscal year,” Chief Executive Sanjay Mehrotra said in a release. will continue to capture the highest margin and strategically important shares.
