Micron beats by $0.14, reports revs in-line; guides Q4 EPS below consensus, revs below consensus; says industry demand environment has weakened recently
- Reports Q3 (May) earnings of $2.59 per share, $0.14 better than the S&P Capital IQ Consensus of $2.45; revenues rose 16.4% year/year to $8.64 bln vs the $8.66 bln S&P Capital IQ Consensus.
- Non-GAAP gross margin of 47.4% compared to 47.8% in Q2.
- Co issues downside guidance for Q4, sees EPS of $1.63, +/- $0.20, equating to $1.43-$1.83 vs. $2.60 S&P Capital IQ Consensus; sees Q4 revs of $7.2 bln, +/- $400 mln, equating to revenue of $6.8-$7.6 bln vs. $9.17 bln S&P Capital IQ Consensus. Sees Non-GAAP gross margin of 42.5%, +/- 1.5%.
- "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."