Micron Beats Q1 Estimates, Returns to Sales Growth After 5 Quarters of Declines; Sees Improving Demand Ahead for Memory Chips
• Micron beat expectations for fiscal Q1 earnings and revenue. It posted an adjusted loss of 95 cents per share on revenue of $4.73 billion.
• Micron returned to year-over-year sales growth after 5 quarters of declines.
• For fiscal Q2, Micron forecasts an adjusted loss of 28 cents per share on revenue of $5.3 billion.
• Micron's CEO expects business fundamentals to improve in 2024, with record industry total addressable market projected for 2025.
• Micron makes DRAM and Nand memory chips used for PCs, servers, and data storage. The CEO cited opportunities for its memory chips to capitalize on artificial intelligence demand.