Though it once more topped estimates, a light EPS outlook and mixed demand commentary is weighing on Micron’s (MU) stock post-earnings.
On Tuesday afternoon, the memory giant reported August quarter (fiscal fourth quarter) revenue of $6.06 billion (up 24% annually) and non-GAAP EPS of $1.23. Those numbers respectively beat FactSet consensus estimates of $5.89 billion and $0.98, thus continuing a recent string of sales and EPS beats.
On the flip side, Micron guided for November quarter revenue of $5 billion to $5.4 billion (down 3% to up 5% annually) and non-GAAP EPS of $0.40 to $0.54. Those numbers respectively compare with consensus estimates of $5.27 billion and $0.66.
As of the time of this article, Micron’s stock is down 3.5% in after-hours trading to $48.92. Shares were initially trading following the release of Micron’s report, but sold off after Micron shared its earnings presentation and prepared remarks.
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