Micron Technology shares headed higher after the memory-chip company posted strong results, while providing better-than-expected forecasts for the current quarter.
For the fiscal first quarter, ended Dec. 2, Micron reported revenue of $7.69 billion, up 33% from a year ago, and marginally ahead of the company’s target of $7.65 billion, though down 7% sequentially. Non-GAAP profits were $2.16, above the company’s target of $2.10 a share.
In extended trading, the stock was up 6.2% to $87.14.
The company said revenue from dynamic random access memory, or DRAM, was up 38% from a year ago, and accounted for 73% of total revenue in the quarter. NAND chips were up 19% from a year ago, and accounted for 24% of total revenue. The company said average selling prices were down in the low single digits on a sequential basis for DRAM, while dropping in the mid-single digits for NAND.
For the fiscal second quarter, Micron projects revenue of $7.5 billion, give or take $200 million, with non-GAAP profits of $1.95 a share, plus or minus 10 cents. The Wall Street consensus had been for revenue of $7.27 billion and $1.86 in per-share profits. The company expects gross margin for the quarter of 46%, give or take a percentage point, down from 47% in the latest quarter.
The company also said it bought back $259 million of its shares in the latest quarter.
“Micron delivered solid fiscal first quarter results led by strong product portfolio momentum,” Micron CEO Sanjay Mehrotra said in a statement. “We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers.”
In a presentation prepared for a call with investors scheduled for late Monday with investors, Micron said it expects “record revenue with solid profitability” for the August 2022 fiscal year, with stronger shipment growth in the second half. The company expects capital spending for the year in the $11 billion to $12 billion range, up from $9.7 billion in fiscal 2021.
Micron expects demand for DRAM storage capacity, or bit demand, will grow in the low 20% range in 2021, with mid-to-high teens growth in 2022. For NAND, the company sees growth in the high 30% range for this year, and about 30% for next year.
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