Micron says DRAM sales made up 70% of its total revenue in Q1
- Micron says DRAM sales made up 70% of its total revenue in Q1.
- The U.S. firm tops analysts' estimates for earnings and revenue.
- Micron expects up to £4.42 billion of revenue in the second quarter.
Micron Technology Inc. (NASDAQ: MU) reported its financial results for the fiscal first quarter on Thursday that topped Wall Street estimates for earnings and revenue. The company also gave better than expected guidance for the future on Thursday.
Micron shares were reported a little under 1.5% up in premarket trading on Thursday and gained another 2.5% on market open. If you want to invest in the stock market, you’ll need a stockbroker – here’s a comparison of the top few to make selection easier for you.
Micron’s Q1 financial results versus analysts’ estimates
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Micron said that its net income in the quarter that concluded on 3rd December came in at £591.85 million that translates to 52.33 pence per share. In the same quarter last year, it had reported a significantly lower £361.89 million of net income or 31.69 pence per share. Last month, Micron said that it wanted to hire 3,600 new workers.
On an adjusted basis, the Boise-based company said that it earned 57.49 pence per share versus the year-ago figure of 35.38 pence per share. Micron said that it generated £4.25 billion of revenue in the recent quarter. Its revenue in Q1 of the previous year was capped at £3.79 billion.
According to FactSet, experts had forecast the company to record a lower £4.17 billion of revenue in the first quarter. Their estimate for per-share earnings stood at 50.12 pence. In separate news from the United States, Walgreens said that its pharmacy sales remained strong in the fiscal first quarter.
Micron’s guidance for the fiscal second quarter
For the fiscal second quarter, Micron forecasts its adjusted per-share earnings to fall in the range of 50.12 pence to 60.44 pence. Its estimate for revenue in Q2 stands at up to £4.42 billion. In comparison, analysts are calling for £4.09 billion of revenue in the current quarter and 49.38 pence of adjusted earnings per share.
At £1.88 billion, computer and network sales, as per Micron, jumped 29% in Q1. Mobile sales, on the other hand, gained 3% on a year over year basis and registered at £1.11 billion. The American company said that its DRAM sales in the recent quarter accounted for 70% of its total revenue.
Micron performed largely upbeat in the stock market last year with an annual gain of close to 40%. At the time of writing, the U.S. firm is valued at £64.91 billion and has a price to earnings ratio of 33.30.