On December 19, Micron Technology released its first-quarter earnings report for the period ending November 28, 2023, on Wednesday (Eastern Time).
The data shows that Micron’s first-quarter revenue was $8.71 billion, slightly above analysts’ expectations of $8.7 billion. The adjusted earnings per share (EPS) were $1.79, also higher than the analysts’ forecast of $1.76.
However, for the second quarter, Micron expects earnings per share of $1.43, lower than analysts’ expectation of $1.91. The company also expects revenue of $7.9 billion, significantly below the analysts’ estimate of $8.98 billion.
Due to Micron’s lower-than-expected revenue and profit outlook for the second quarter, its stock price plummeted by more than 16% in after-hours trading, marking a drop of over 30% from its historical peak in June.
The global DRAM chip market remains sluggish due to weak consumer demand and persistent supply excess, with DRAM chips being a major revenue driver for Micron.
Research firm Gartner shows that global PC shipments in the third quarter of 2024 decreased by 1.3% year-on-year.
Micron CEO Sanjay Mehrotra stated, “The PC upgrade cycle is gradually unfolding, and we expect PC sales growth to remain flat in 2024, slightly below previous expectations… Over time, we remain optimistic about the adoption of AI-powered personal computers.”
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