Yesterday, September 29, after the close of trading DRAM chipmaker Micron Technology (MU) reported fiscal fourth-quarter earnings of $1.35 a share and adjusted earnings of $1.45 a share. That was down from $2.42 a share in adjusted earnings in the fiscal fourth quarter of 2021. Wall Street was looking for earnings of $1.37 a share.
Revenue fell to $6.64 billion from $8.27 billion a year ago. Analysts had been looking for revenue of $6.73 billion.
The drop in earnings and revenue was widely expected. Which is why the stock closed up 0.18% today after the earnings.
You’d have to say that the big hurt from Micron’s news–and especially from its report that it would cut total capital spending by 30% year over year and spending on wafer fab equipment by 50% year over year–fell on chip equipment makers. Shares of Applied Materials (AMAT) fell 2.95% today and ASML Holding (AMSL) closed down 2.91%.
Micron isn’t looking for a quick turnaround in sales, either. For the next quarter, the first quarter of fiscal 2023, Micron said it expects revenue to be between $4 billion and $4.5 billion with earnings per share ranging between a loss of 6 cents and a gain of 14 cents. Gross margins are expected to be between 24% and 28%.
Analysts were expecting Micron (MU) to generate $6.02B in sales and earnings of 87 cents per share for the quarter.
Yep, the good news keeps rolling in for tech stocks.