Micron gets a slight lift as chipmaker is 'confident' about long-term outlook
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Micron Technology (NASDAQ:MU) shares edged up by 1.5% in after-hours trading Tuesday as the memory chipmaking giant cautiously suggested inventories and business is improving after a brutal fiscal second-quarter loss.
In a statement announcing Micron's (MU) second-quarter results and outlook, Chief Executive Sanjay Mehrotra said he was "confident" in the company's long-term demand outlook and "we expect gradual improvements to the industryâs supply-demand balance."
For its fiscal third-quarter, Micron (MU) said it expected to lose between $1.51 and $1.65 a share, excluding one-time items, on revenue in a range of $3.5B to $3.9B. Micron (MU) said its results would include the impact of $500M in inventory writedowns during the quarter.
The company said its plans to cut 15% of its workforce were mostly complete, but would still continue through the rest of the year.
With regards to its fiscal second quarter, which ended March 2, Micron (MU) reported a loss, excluding one-time items, of $1.91 a share, on revenue of $3.69B. Wall Street analysts had previously forecast Micron (MU) to lose 88 cents a share, excluding one-time items, on $3.71B in sales. During the same period a year ago, Micron (MU) earned $2.14 cents a share, excluding one-time items, on revenue of $7.79B.
Micron said its second-quarter results included an inventory writedown of $1.43B, which and an impact of $1.34 a share on its earnings results.
Like many chipmakers, Micron (MU) has seen its results affected by issues ranging from supply chain slowdowns to declines in demand after customers boosted spending beyond traditional levels during the COVID-19 pandemic.
The company said that it believes its sales in data center products "bottomed" in Micron's (MU) second quarter, and it expects demand for PC and gaming chips to show signs of improving during the second half of its fiscal year.
Heading into Micron's (MU) results, Wall Street analysts had expressed mixed sentiment about the company's prospects through the rest of the year.