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Micron Technology Inc (NASDAQ:MU) shares are trading lower Thursday after the company reported third-quarter earnings results and issued lackluster top-line guidance. Here’s what you need to know.
Operating cash flow came in at $2.48 billion versus $1.22 billion in the prior quarter and $24 million in the comparable quarter last year. Adjusted free cash flow was $425 million in the quarter. The company ended the quarter with $9.22 billion in cash, marketable securities and restricted cash.
“Robust AI demand and strong execution enabled Micron to drive 17% sequential revenue growth, exceeding our guidance range in fiscal Q3,” said Sanjay Mehrotra, president and CEO of Micron.
“We are gaining share in high-margin products like High Bandwidth Memory (HBM), and our data center SSD revenue hit a record high, demonstrating the strength of our AI product portfolio across DRAM and NAND. We are excited about the expanding AI-driven opportunities ahead, and are well positioned to deliver a substantial revenue record in fiscal 2025.”
Looking Ahead: Micron anticipates fourth-quarter revenue of $7.6 billion, plus or minus $200 million, versus estimates of $7.6 billion. The company expects fourth-quarter adjusted earnings to be between $1 and $1.16 per share versus estimates of $1.05 per share.
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Analyst Changes: Multiple analysts adjusted price targets on the stock following the print.
MU Price Action: Micron shares were down 4.49% at $135.98 at the time of publication, according to Benzinga Pro.
Photo: NPS_87 from Shutterstock
Posted In: MU
