Sanjay Mehrotra, CEO of Micron Technology Inc., speaks during an interview with CNBC on the floor at the New York Stock Exchange (NYSE) in New York City, US, April 26, 2024.
Brendan McDiarmid | Reuters
Micron Shares fell 13% in extended trading Wednesday after the chipmaker issued weak guidance for the second quarter despite a recent earnings beat.
Here's how the company performed compared to the expectations of analysts surveyed by LSEG:
- Earnings per share: $1.79, revised from expected $1.75
- profit: $8.71 billion compared to $8.71 billion expected
For the second quarter, Micron said it expects revenue of $7.9 billion, plus or minus $200 million, and adjusted earnings per share of $1.43, plus or minus 10 cents. Analysts were expecting revenue of $8.98 billion and earnings per share of $1.91, according to LSEG.
The computer memory and storage company has seen its shares rise 22% year to date as of market close, lagging the Nasdaq's 29% gain. in Earnings reportMicron highlighted data centers and artificial intelligence projects with Nvidia processors as growth areas.
“While consumer-oriented markets are weaker in the near term, we expect a return to growth in the second half of our fiscal year,” CEO Sanjay Mehrotra said in a press release. parts of the market they are exceptionally well positioned to leverage AI-driven growth to create significant value for all stakeholders.
He watches: Micron shares continue to slide on guidance
