Micron higher in after-hours trading following EPS, revenue beat
Micron reported earnings that topped estimates, posting $6.24B in net revenue and an adjusted EPS of 98 cents, beating Street estimates of an EPS of 94 cents and an estimated net revenue of $6.21B. Yahoo FInance’s Jared Blikre breaks down the key metrics.
Video Transcript
SEANA SMITH: We have some breaking news that we need to get to. Jared Blikre, Micron releasing its earnings. Jared, what do you have?
JARED BLIKRE: That's right. Stock's up about 3% to 4% in after hours trading. Nice beats on both the top and bottom line. Second quarter adjusted EPS coming in at $0.98. I don't know if this is an accurate estimate comparison, but it looks like the Street had the estimate lowered about $0.94. Adjusted revenue for the second quarter coming in at $6.24 billion. That's just slightly higher than the estimate at $6.21 billion. Second quarter gross adjusted gross margin, 32.9%, beating the estimate of 32.4% by about 50 basis points.
And some guidance, some positive guidance at the raising, seeing third quarter revenue $6.9 to $7.3 billion. That is above the Street's median estimate of $6.85 billion. Also seeing third quarter adjusted EPS, $1.55 to $1.69. Estimate was for much lower, $1.34.
And got a quote from the CEO, Sanjay Mehrotra. Micron's strong fiscal second quarter performance reflects rapidly improving market conditions and continued solid execution. Our technology leadership in both DRAM and NAM spaces places Micron in an excellent position to capitalize on the secular demand driven by AI and 5G. So again, stock up about 3% after hours trading. And we are looking at some nice beats on both the top and bottom lines, guys.
