Micron Technology results top estimates – the stock rises in the after-hours

Micron Technology Inc. (NASDAQ: MU) released first quarter of fiscal 2024 earnings results after the market close in the US on Wednesday.

US semiconductor company reported revenue of $4.726 billion, which was above Wall Street analyst estimate of $4.581 billion.

Earnings per share (EPS) reported loss per share of -$0.95 for the quarter vs. -$1.005 loss per share expected.

Company overview

• Founded: October 5, 1978
• Headquarters: Boise, Idaho, United States
• Number of employees: Robert E. Switz (Chairman), Sanjay Mehrotra (President & CEO)
• Industry: Semiconductors
• Key people: 43,000 (2023)

CEO commentary

“Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” Sanjay Mehrotra, CEO of the company said in a press release.

“We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025. Our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets,” Mehrotra looked at what’s ahead for Micron.

Stock reaction

The stock was down by 4.24% at the end of trading on Wednesday at $78.69 a share.

Shares rose by around 4% after Micron topped analyst estimates for the quarter.

Stock performance

• 1 month: +2.13%
• 3 months: +13%
• Year-to-date: +57.54%
• 1 year: +53.82%

Micron Technology stock price targets

• Rosenblatt Securities: $100
• BMO Capital Markets: $90
• TD Cowen: $100
• Susquehanna: $112
• Stifel Nicolaus: $76
• Bank of America: $95
• UBS Group: $90
• Mizuho: $86
• Citigroup: $88
• Barclays: $85
• Morgan Stanley: $71.50
• JP Morgan: $80

Micron Technology Inc. is the 168th largest company in the world with a market cap of $86.86 billion.

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Sources: Micron Technology Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap