Micron sees Q1 adjusted EPS ($1.00), consensus (99c)

Sees Q1 revenue approaching $4.7B, consensus $4.46B. Micron Technology is updating its revenue, gross margin, operating expense, and EPS guidance for the first quarter of fiscal 2024, which ends Nov. 30, 2023. The company previously guided revenue of $4.4B plus or minus $200M and non-GAAP gross margins of (4.0%) plus or minus 2%. As a result of improved supply and demand balance and improved pricing, the company announced that it expects revenue will approach $4.7B and non-GAAP gross margins will approach breakeven for the first quarter of fiscal 2024.