Company news: Micron (MU) posts surprise quarterly profit

Micron (MU) reported Q2 FY2024 earnings of $0.42 per share (versus $(1.91) per share in Q2 FY2023), much better than analysts’ consensus estimate of $(0.25) per share.

The company’s quarterly revenues amounted to $5.824 bln (+57.7% y/y), strongly beating analysts’ consensus estimate of $5.347 bln.

The company also issued upside guidance for Q3 FY2024, seeing EPS of $0.45, +/- $0.07, equating to $0.38-$0.52 versus analysts’ consensus estimate of $0.09 and revenues of $6.60 bln, +/- $200 mln, equating to $6.4-$6.8 bln versus analysts’ consensus estimate of $6.0 bln.

"Our preeminent product portfolio positions us well to deliver a strong fiscal second half of 2024," the company's management noted. "We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI.

MU rose to $112.45 (+16.83%) in pre-market trading.