Micron reported earnings that surpassed estimates. While the semiconductor company issued a slightly lower-than-expected guidance for its current quarter, the latter represents a cyclical bottom according to the company.
For the first quarter of fiscal year 2020, Micron’s adjusted earnings came in at 48 cents per share, beating the Street expectations of 47 cents.
Revenue was $5.144 billion, exceeding analyst expectations of $4.99 billion.
Adjusted gross margin fell to 27.3% from 59% in the same quarter last year.
Looking ahead, Micron projects current quarter revenue to be between $4.5 billion and $4.8 billion, the midpoint of $4.65 billion being slightly below analysts' forecast of $4.75 billion. The company expects earnings-per-share to range between 31 and 41 cents, the midpoint of 36 cents being lower than analysts’ expectations of 39 cents.
"With our strong execution and improving industry conditions, we are optimistic that Micron's fiscal second quarter will be the cyclical bottom for our financial performance," said CEO Sanjay Mehrotra.