5 Earnings Reports Everyone is Talking About

1. Micron Technology, Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 83

Micron Technology, Inc. (NASDAQ:MU) continues to benefit from the global chip shortage. The Idaho-based chip giant recently delivered another impressive quarter, helped by pent-up demand for its products and services.

Micron shares rose nearly three percent in the pre-market trading session on Wednesday, March 30, 2022, following the solid results for its fiscal second quarter.

Micron Technology, Inc. (NASDAQ:MU) reported adjusted earnings of $2.14 per share, well above 98 cents per share in the year-ago period. Revenue for the quarter jumped 24.8 percent on a year-over-year basis to $7.79 billion. The results easily exceeded analysts’ average estimate of $1.97 per share for earnings and $7.52 billion for revenue.

Micron Technology, Inc. (NASDAQ:MU) also issued an upbeat financial outlook for its fiscal third quarter. It expects adjusted earnings in the range of $2.36 – $2.56 per share, above expectations of $2.21 per share. In addition, it guided for revenue between $8.5 – $8.9 billion for the current quarter versus the consensus of $8.06 billion.

Speaking on the results, CEO Sanjay Mehrotra said:

“Micron’s excellent second quarter results exceeded the high end of our guidance for both revenue and margin, reflecting our strong execution. We’re leading the industry in technology across DRAM and NAND, and our product portfolio momentum is accelerating. With outstanding first half results, Micron is on track to deliver record revenue and robust profitability in fiscal 2022.”

You can also take a peek at 10 Consumer Staples Stocks To Buy According To Billionaire Ray Dalio and 10 Undervalued Dividend Kings To Buy In 2022.

Follow Insider Monkey on Twitter