Micron beats by $0.06, beats on revs; guides Q2 EPS above consensus, revs above consensus (78.69 -3.48)
- Reports Q1 (Nov) loss of $0.95 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of ($1.01); revenues rose 15.7% year/year to $4.73 bln vs the $4.58 bln FactSet Consensus.
- Non-GAAP gross margin 0.8% compared to (9.1%) in Q4 and 22.9% in 1Q23.
- Co issues upside guidance for Q2, sees EPS of ($0.35)-($0.21) vs. ($0.62) FactSet Consensus; sees Q2 revs of $5.1-$5.5 bln vs. $4.97 bln FactSet Consensus.
- "We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025. Our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to?capitalize on the immense opportunities artificial intelligence is fueling across end markets."