Micron Technology, Inc. (NASDAQ: MU) is having an incredible time in the pre-market hours this morning, and for good reason. The company reported its earnings for the third quarter, blowing away expectations on all fronts. Of course, this led to excitement among investors, pushing the value of the stock up and prompting our partners at Trade Ideas to alert us to the movement. At the moment (8:29), MU is trading at $32.10 after a gain of $0.63 per share or 2.00% thus far today.
MU Gains On Strong Earnings
As mentioned above, Micron Technology is having an incredible time in the market at the moment after reporting overwhelmingly strong earnings for the third fiscal quarter. Here’s what we saw from the report…
- Earnings Per Share – In terms of earnings per share, MU definitely did not disappoint. During the third quarter, analysts expected that the company would generate earnings in the amount of $1.51 per share. However, the company actually reported earnings in the amount of $1.62 per share, blowing expectations away.
- Revenue – Revenue also proved to be overwhelmingly positive. During the quarter, analysts expected that the company would report revenue in the amount of $5.41 billion. However, MU actually reported revenue in the amount of $5.57 billion.
- Guidance – Finally, guidance proved to be overwhelmingly positive as well. During the fourth quarter, Micron Technology said that it is expecting to generate earnings between $1.74 per share and $1.87 per share on revenue in the range between $5.7 billion and $6.1 billion. Analysts are currently expecting that the company will generate earnings of $1.57 per share on revenue of $5.6 billion.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on MU. In particular, we’re interested to see if the company reaches the high bar it set for itself for the fourth quarter. Much of this will have to do with its work in the NAND and DRAM products, so, we’ll be watching those closely. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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