Micron Technology Raises 1Q Revenue, Profit Guidance
December 01 2020 - 10:00AM
Dow Jones News
By Colin Kellaher
Micron Technology Inc. on Tuesday raised forecasts for several
key metrics for its fiscal first quarter, which ends Wednesday.
The Boise, Idaho, memory chip maker said it now expects to post
adjusted earnings of 69 cents to 73 cents a share for the quarter,
up from a prior forecast of 40 cents to 54 cents a share.
Analysts polled by FactSet, on average, were expecting an
adjusted profit of 51 cents a share.
Micron said it now expects quarterly revenue of $5.7 billion to
$5.75 billion, up from prior guidance of $5 billion to $5.4 billion
and ahead of the $5.29 billion Wall Street was expecting.
Micron said it expects its adjusted gross margin to come in at
29.5% to 30.5% for the quarter, compared with earlier guidance of
26.5% to 28.5%.
Shares of Micron, which closed Monday at $64.09, rose about 2%
in premarket trading Tuesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 01, 2020 09:45 ET (14:45 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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