Memory chips maker Micron (NYSE:MU) will be reporting earnings tomorrow afternoon. Here’s what to expect.
Micron Technology beat analysts’ revenue expectations by 2% last quarter, reporting revenues of $6.81 billion, up 81.5% year on year. It was an exceptional quarter for the company, with a significant improvement in its gross margin and an impressive beat of analysts’ EPS estimates.
Is Micron Technology a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Micron Technology’s revenue to grow 90.5% year on year to $7.64 billion, a reversal from the 39.6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.11 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Micron Technology has missed Wall Street’s revenue estimates three 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 to get a hint at how this quarter will unravel for semiconductors stocks. However, investors in the segment have had fairly steady hands going into earnings, with share prices down 1.3% on average over the last month. Micron Technology is down 4.9% during the same time and is heading into earnings with an average analyst price target of $147.37 (compared to the current share price of $94.05).
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