{"id":29099,"date":"2023-06-29T09:26:14","date_gmt":"2023-06-29T13:26:14","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/micron-stock-climbs-on-better-than-expected-earnings-results\/"},"modified":"2023-06-29T09:26:15","modified_gmt":"2023-06-29T13:26:15","slug":"micron-stock-climbs-on-better-than-expected-earnings-results","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29099","title":{"rendered":"Micron Stock Climbs on Better-Than-Expected Earnings Results"},"content":{"rendered":"
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Micron Technology posted better-than- expected results for its May quarter, sending the stock higher.<\/p>\n

The semiconductor company reported an adjusted loss of $1.43 a share for its fiscal third quarter, compared with the consensus call for a loss of $1.61 among analysts tracked by FactSet. Revenue came in at $3.75 billion\u2014down 57% year-over-year, which was slightly above analysts\u2019 expectations for $3.65 billion.<\/p>\n

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For the current quarter,
\n Micron
\n (ticker: MU) offered a range of revenue forecasts with a midpoint of $3.9 billion, which was roughly in line with the consensus of $3.88 billion.<\/p>\n

The company is a leader in the semiconductor market for dynamic random-access memory, which is used in desktop computers and servers, and for flash memory, which is found in smartphones and solid-state hard drives.<\/p>\n

\u201cWe believe that the memory industry has passed its trough in revenue, and we expect margins to improve as industry supply-demand balance is gradually restored,\u201d Micron CEO Sanjay Mehrotra said in the press release.<\/p>\n

Micron shares were up 2.3% to $68.61 in premarket trading the morning after the report.<\/p>\n

Earlier this month, Micron warned a low-double-digit percentage of the company\u2019s revenue was at risk of being impacted by the Cyberspace Administration of China\u2019s ban on some of its products.<\/p>\n

\u201cThe recent Cyberspace Administration of China (\u201cCAC\u201d) decision is a significant headwind that is impacting our outlook and slowing our recovery,\u201d the company said Wednesday in its release.<\/p>\n

On the conference call with investors, Micron management said it saw higher-than-expected demand for memory chips inside AI servers, but traditional data center server demand remains soft. The company also lowered its 2023 demand expectations for computers, smartphones and non-AI servers, compared to three months ago. Further, Micron has recently decided to reduce the production of memory chip wafers going into next year.<\/p>\n

Micron stock was up about 34% this year as of Wednesday\u2019s close.<\/p>\n

Write to Tae Kim at tae.kim@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Micron Technology posted better-than- expected results for its May quarter, sending the stock higher. The semiconductor company reported an adjusted loss of $1.43 a share for its fiscal third quarter, compared with the consensus call for a loss of $1.61 among analysts tracked by FactSet. Revenue came in at $3.75 billion\u2014down 57% year-over-year, which was […]<\/p>\n","protected":false},"author":1,"featured_media":29100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-29099","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nMicron Stock Climbs on Better-Than-Expected Earnings Results | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Micron Technology posted better-than- expected results for its May quarter, sending the stock higher. 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