5 Key Earnings Reports to Watch

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

Number of Hedge Fund Holders: 87

Shares of Micron Technology, Inc. (NASDAQ:MU) slightly moved down on Wednesday, September 29, 2020, after the Idaho-based chipmaker issued weak first-quarter outlook along with its fiscal fourth-quarter results.

The manufacturer of DRAM and NAND chips reported adjusted earnings of $2.42 per share for the three months ended 2 September 2021, representing a surge of more than two-folds from the year-ago quarter. Analysts were expecting Micron Technology, Inc. (NASDAQ:MU) to report adjusted earnings of $2.33 per share.

Revenue for the quarter jumped 37 percent on a year-over-year basis to $8.27 billion, beating the consensus forecast of $8.23 billion.

Speaking on the results, CEO Sanjay Mehrotra said:

“Micron’s outstanding fourth quarter execution capped a year of several key milestones. In fiscal 2021, we established DRAM and NAND technology leadership, drove record revenues across multiple markets, and initiated a quarterly dividend.”

Looking forward, Micron Technology, Inc. (NASDAQ:MU) expects adjusted earnings in the range of $2 – $2.20 per share and revenue between $7.45 billion – $7.85 billion for its fiscal first quarter. The guidance missed analysts’ average estimate of $2.53 per share for earnings and $8.54 billion for revenue.

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