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Will Micron stock recover to pre-Q3 levels by end of 2024?
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Micron Exceeds Q3 Estimates with $0.62 EPS, $6.81B Revenue; Stock Down 8.68% on Q4 Projections
Jun 26, 2024, 08:35 PM
Micron Technology Inc. reported its third-quarter earnings, surpassing analysts' expectations with an adjusted EPS of $0.62 against the estimated $0.50, and revenue of $6.81 billion compared to the forecasted $6.67 billion. This represents a significant year-over-year growth of 82%. Despite the positive results, the stock fell by 8.68% in after-hours trading due to guidance that was perceived as modest. For the fourth quarter, Micron projects adjusted EPS between $1.00 and $1.16, and revenue ranging from $7.4 billion to $7.8 billion, aligning closely with market expectations of $7.58 billion for revenue and $1.02 for EPS. The company highlighted strong demand for its memory chips driven by the AI industry and announced that its high-bandwidth memory is sold out through 2025. Additionally, Micron noted robust demand in the automotive sector, achieving a record quarter for automotive revenue. The company’s market cap stands at $157.19 billion.
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