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- Micron earnings top estimates – the stock is flying in the after-hours
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- 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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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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