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Micron Technology (MU) Tops Q3 EPS by 15c, Guidance Misses Badly

June 30, 2022 4:02 PM EDT

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(Updated - June 30, 2022 4:05 PM EDT)

Micron Technology (NASDAQ: MU) reported Q3 EPS of $2.59, $0.15 better than the analyst estimate of $2.44. Revenue for the quarter came in at $8.64 billion versus the consensus estimate of $8.63 billion.

“Micron delivered record revenue in the fiscal third quarter driven by our team’s excellent execution across technology, products and manufacturing,” said Micron Technology President and CEO Sanjay Mehrotra. “Recently, the industry demand environment has weakened, and we are taking action to moderate our supply growth in fiscal 2023. We are confident about the long-term secular demand for memory and storage and are well positioned to deliver strong cross-cycle financial performance.”

GUIDANCE:

Micron Technology sees Q4 2022 EPS of $1.43 to 1.83, versus the consensus of $2.62. Micron Technology sees Q4 2022 revenue of $6.8 to 7.6 billion, versus the consensus of $9.05 billion.

The following table presents Micron’s guidance for the fourth quarter of 2022:
FQ4-22
GAAP(1) Outlook
Non-GAAP(2) Outlook
Revenue
$7.2 billion ± $400 million$7.2 billion ± $400 million
Gross margin
41.5% ± 1.5%42.5% ± 1.5%
Operating expenses
$1.13 billion ± $25 million$1.05 billion ± $25 million
Diluted earnings per share
$1.52 ± $0.20$1.63 ± $0.20

For earnings history and earnings-related data on Micron Technology (MU) click here.



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