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- Micron earnings top estimates – the stock is flying in the after-hours
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- Shares and Indices
- Micron earnings top estimates – the stock is flying in the after-hours
- Founded: October 5, 1978
- Headquarters: Boise, Idaho, United States
- Number of employees: 43,000 (2023)
- Industry: Semiconductors
- Key people: Robert E. Switz (Chairman), Sanjay Mehrotra (President & CEO)
- 5 day: +2.22%
- 1 month: +18.11%
- 3 months: +22.32%
- Year-to-date: +12.78%
- 1 year: +65.46%
- New Street Research: $100
- Wolfe Research: $80
- BMO Capital Markets: $90
- Susquehanna: $112
- Evercore ISI: $100
- Wells Fargo & Company: $95
- The Goldman Sachs Group: $97
- Deutsche Bank: $90
- JP Morgan Chase & Co.: $105
- Morgan Stanley: $74.75
- Bank of America: $100
- Needham & Company LLC: $100
- Piper Sandler: $95
- Raymond James: $100
- Mizuho: $105
- Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
- Reduce your risk and hedge your existing positions ahead of a new trading day
- Extended trading hours on popular US stocks means extended opportunities
News & analysisNews & analysisMicron earnings top estimates – the stock is flying in the after-hours
21 March 2024 By Klavs ValtersIt was a busy day in the US today, with investors waiting on the latest policy decision from the Federal Reserve.
The Fed left interest rates unchanged at 5.5%, as expected. All three major Indices, Dow Jones, S&P 500, and Nasdaq finished the trading day at all-time highs for the first time since 8/11/2021.
After the market closing bell, Micron Technology Inc. (NASDAQ: MU) released Q2 of fiscal 2024 financial results and the US semiconductor company did not disappoint.
The company reported revenue of $5.824 billion, which was above analyst estimate of $5.347 billion.
Earnings per share was reported at $0.42. Analyst expected Micron to report a loss per share of -$0.253.
Company overview
CEO commentary
“Micron delivered fiscal Q2 results with revenue, gross margin and EPS well above the high-end of our guidance range — a testament to our team’s excellent execution on pricing, products and operations,” Sanjay Mehrotra, CEO of Micron said in a statement.
“Our preeminent product portfolio positions us well to deliver a strong fiscal second half of 2024. We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI,” Mehrotra added.
Stock reaction
Shares were up by 2.39% at the end of the session on Wednesday at $96.25 a share.
The stock rose by over 14% in the after-hours trading as earnings topped expectations.
Stock performance
Micron stock price targets
Micron Technology Inc. is the 142nd largest company in the world with a market cap of $106.25 billion, according to CompaniesMarketCap.
You can trade Micron Technology Inc. (NASDAQ: MU) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to “Trading” then select “Share CFDs”.
GO Markets offers pre-market and after-market trading on popular US Share CFDs.
Why trade during extended hours?
Sources: Micron Technology Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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