Stock Story -
Memory chips maker Micron (NYSE:MU) will be reporting earnings tomorrow afternoon. Here's what to expect.
Micron Technology (NASDAQ:MU) beat analysts' revenue expectations by 8.8% last quarter, reporting revenues of $5.82 billion, up 57.7% year on year. It was a stunning quarter for the company, with a significant improvement in its gross margin and an impressive beat of analysts' EPS estimates.
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This quarter, analysts are expecting Micron Technology's revenue to grow 77.9% year on year to $6.67 billion, a reversal from the 56.6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.53 per share.
Analysts covering the company have generally 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 four 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.
