Sanjay Mehrotra, CEO of Micron Technology Inc., speaks during an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, US, on April 26, 2024.
Brendan McDermid | Reuters
Micron shares fell 13% in extended trading on Wednesday after the chip maker issued weak guidance for the second quarter despite strong revenue in the latest period.
Here’s how the company fared compared to analyst expectations surveyed by LSEG:
- Earnings per share: $1.79, adjusted vs. $1.75 expected
- Net worth: $8.71 billion vs. $8.71 billion expected
For the second quarter, McCron said he 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 EPS 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, trailing the Nasdaq’s 29% gain. In the earnings report, Micron highlighted data centers and the artificial intelligence business with Nvidia processors as areas of growth.
“Although consumer-oriented markets are weak in the near term, we expect to return to growth in the second half of our financial year, said CEO Sanjay Mehrotra in a press conference. market segments are also in an excellent position to leverage AI-driven growth to create greater value for all stakeholders.”
WATCH: Shares of Micron continue to fall in the direction
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