Micron earnings come amid chip sector uncertainty
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Micron Technology (NASDAQ:MU) is set to report its fiscal second-quarter results after Tuesday's market close amid what has been a mixed-bag of opinions about the outlook for the memory chipmaking giant.
Wall Street analysts currently estimate that Micron (MU) will lose 88 cents a share, excluding one-time items, on revenue of $3.71B for its second quarter. During the same period a year ago, Micron (MU) earned $2.14 a share, on $7.8B in sales.
Micron's (MU) report comes during a slate of recent activity in the semiconductor market. On Monday, Intel (INTC) and other leading chipmakers were asked to give revenue and earnings projections for their businesses if they wish to receive federal funding under terms of the U.S. CHIPS Act. That act has set up $52B in federal grants and funds for chip companies to expand and build new semiconductor facilities in the United States.
For Micron (MU), Citi analyst Christopher Danely last week left his buy rating on the company's stock unchanged, but also trimmed his full-year revenue estimates ahead of Micron's (MU) results. Chip stocks on the whole also stumbled last week in the wake of Federal Reserve's most-recent moves on interest rates.