Market News

Micron Holds Up Despite Big Earnings Miss

Shares of Micron Technology (NASDAQ:MU) gained over 1.5% in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at a loss of $1.91, which missed analysts’ consensus estimate of a loss of $0.67 per share.

Sales decreased by 52.6% year-over-year, with revenue hitting $3.69 billion. This missed analysts’ expectations of $3.71 billion.

Micron took a write-down for inventory of $1.43 billion, which hit earnings by $1.34 per diluted share. Its operating cash flow was cut by nearly two-thirds, going from $943 million last quarter to $343 million this quarter. At the same time last year, it was up around $3.63 billion, showing a truly staggering drop.

Management expects revenue for the third quarter to come in between $3.5 billion and $3.9 billion. For reference, consensus calls for $3.75 billion in revenue and a loss of $0.92 in EPS.

Overall, Wall Street has a consensus price target of $67.86 on Micron Technology, implying 14.47% upside potential, as indicated by the graphic above.

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