Shares of Micron are slightly down in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at a loss of $0.04 per share, which missed analysts’ consensus estimate of a loss of $0.02 per share.
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Sales decreased by 46.8% year-over-year, with revenue hitting $4.09 billion. This missed analysts’ expectations of $4.59 billion.
Looking forward, management now expects revenue and adjusted earnings per share for Q2 2023 to be in the ranges of $3.6 billion to $4 billion and -$0.69 to -$0.89 per share, respectively. For reference, analysts were expecting $6.12 billion in revenue.
Overall, Wall Street has a consensus price target of $64.48 on Micron, implying 25.99% upside potential, as indicated by the graphic above.