Memory chips maker Micron (NYSE:MU) will be reporting earnings tomorrow afternoon. Here's what you need to know.
Last quarter Micron Technology reported revenues of $4.01 billion, down 39.6% year on year, beating analyst revenue expectations by 2.2%. It was a mixed quarter for the company, with an impressive beat of analysts' EPS estimates. Looking ahead, next quarter's revenue guidance came in higher than Wall Street's estimates. On the other hand, its operating margin declined and its gross margin shrunk.
Is Micron Technology buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Micron Technology's revenue to grow 13.4% year on year to $4.63 billion, improving on the 46.9% year-over-year decline in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$1.01 per share.
The analysts covering the company have been growing increasingly bullish about the business heading into the earnings, with revenue estimates seeing 17 upwards revisions over the last thirty days. The company missed Wall St's revenue estimates four times over the last two years.
With Micron Technology being the first among its peers to report earnings this season, we don't have anywhere else to look at to get a hint at how this quarter will unravel for semiconductors stocks, but there has been positive sentiment among investors in the segment, with the stocks up on average 9.1% over the last month. Micron Technology is up 3.7% during the same time, and is heading into the earnings with analyst price target of $85.93, compared to share price of $81.56.
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The author has no position in any of the stocks mentioned.