, down 52%. Micron is actually now trading below its share price at the beginning of 2020.Micron's quarterly earnings last Thursday were the icing on the cake. At first glance, earnings were strong. Adjusted earnings per share of $2.59 beat consensus by 16 cents and amounted to a 38% YoY increase. Revenue of $8.64 billion was also in line. However,quickly suffocated any cause for celebration.
When a CEO stays focused on long-term prospects rather than near-term catalysts, you know there is a problem. Rather than the $2.60 a share in adjusted EPS thathad pegged for the current quarter – the fourth fiscal quarter – Mehrota said to expect $1.63. He also reduced expectations for sales from $9.05 billion to $7.2 billion. The reduced guidance stems from a sudden cutback in orders for chips used in smartphones and laptops.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheStarPhoenix - 🏆 253. / 63 Read more »