Memory chips maker Micron (NYSE: MU) will be reporting earnings today after the bell. Here’s what investors should know.
Micron met analysts’ revenue expectations last quarter, reporting revenues of $8.71 billion, up 84.3% year on year. It was a satisfactory quarter for the company, with a significant improvement in its inventory levels.
Is Micron a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Micron’s revenue to grow 35.7% year on year to $7.9 billion, slowing from the 57.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.42 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Micron has missed Wall Street’s revenue estimates three times over the last two years.
With Micron being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for semiconductors stocks. However, the segment has faced declining investor sentiment as Micron’s peer group is down 10.7% on average over the last month. Micron is down 1.6% during the same time and is heading into earnings with an average analyst price target of $129.66 (compared to the current share price of $102.73).
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