Shares of Micron (NASDAQ:MU) gained in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at -$1.43, which beat analysts’ consensus estimate of -$1.61 per share. Sales decreased by 56.6% year-over-year, with revenue hitting $3.75 billion. This beat analysts’ expectations of $3.68 billion.
Micron revealed that the Compute and Networking unit pulled in $1.389 billion. Its Embedded unit pulled in the next-highest figure at $912 million, while Mobile came in third at $819 million. Finally, Storage pulled in the least but still had a good showing at $627 million.
Micron management offered some projections for the fourth quarter as well. Currently, Micron looks for revenue to come in between $3.7 billion and $4.1 billion, which is roughly in line with analyst projections calling for $3.94 billion. Meanwhile, management looks for earnings per share figures to come in between -$1.12 and -$1.26 EPS, slightly lower than the consensus projections calling for -$1.08.
Overall, Wall Street has a consensus price target of $75.32 on Micron, implying 13.08% upside potential, as indicated by the graphic above.
