Micron Technology (MU) Reports Q2: Everything You Need To Know Ahead Of Earnings

Kayode Omotosho /
2024/03/19 3:01 am EDT

Memory chips maker Micron (NYSE:MU) will be reporting results today. Here's what you need to know.

Last quarter Micron Technology reported revenues of $4.73 billion, up 15.7% year on year, beating analyst revenue expectations by 1.5%. It was a good quarter for the company, with revenue and EPS exceeding Wall Street's estimates. Revenue guidance for next quarter was comfortably ahead of expectations. Lastly, inventory levels shrunk and CEO commentary in the release was optimistic.

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 44.6% year on year to $5.34 billion, improving on the 52.6% year-over-year decline in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.25 per share.

Micron Technology Total Revenue

The analysts covering the company have been growing increasingly bullish about the business heading into the earnings, with revenue estimates seeing eight upward 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 2.8% over the last month. Micron Technology is up 15.4% during the same time, and is heading into the earnings with with analyst price target of $106.2, compared to share price of $93.15.

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