Royal Assets - After its last earnings report, Micron led S&P 500 gains—Here's why

NORTH BRIDGE ROAD, Singapore - Dec. 26, 2023 - PRLog -- Micron announced fiscal first-quarter 2024 sales of $4.73 billion, up from $4.09 billion a year ago and above Visible Alpha's average forecast of $4.58 billion.

The firm decreased its losses from the previous quarter, reporting a non-GAAP net loss of $1.05 billion vs a net loss of $1.18 billion the previous quarter. The adjusted earnings per share (EPS) loss of $0.95 per share was a decrease from the previous quarter's loss of $1.07 per share. Both surpassed expectations.

The chipmaker also said that it expects its losses to continue shrinking as it profits from the AI growth.

"We expect our business fundamentals to improve throughout 2024, with record industry TAM projected for calendar 2025," CEO Sanjay Mehrotra said. He went on to say that "our industry-leading High Bandwidth Memory for data center AI applications illustrates the strength of our technology and product roadmaps, and we are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets."

Wedbush, UBS, and CFRA analysts also said that Micron was well-positioned to benefit from the need for AI technology.

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