Micron beats by $0.18, beats on revs; guides Q4 EPS below consensus, revs in-line; states that the Cyberspace Administration of China decision is a significant headwind that is impacting its outlook
4:09 PM ET 6/28/23 | Briefing.com
Reports Q3 (May) loss of $1.43 per share, excluding non-recurring items, $0.18 better than the FactSet Consensus of ($1.61); revenues fell 56.6% year/year to $3.75 bln vs the $3.65 bln FactSet Consensus.Non-GAAP gross margin (16.1)% compared to (31.4)% last quarter.Co issues guidance for Q4, sees EPS of ($1.19), +/- $0.07, equating to ($1.26)-($1.12), excluding non-recurring items, vs. ($1.07) FactSet Consensus; sees Q4 revs of $3.90 bln, +/- $200 mln, equating to $3.70-$4.1bln vs. $3.88 bln FactSet Consensus. Sees Q4 Non-GAAP gross margin of (10.5)% +/- 2.5%."We believe that the memory industry has passed its trough in revenue, and we expect margins to improve as industry supply-demand balance is gradually restored. The recent Cyberspace Administration of China decision is a significant headwind that is impacting our outlook and slowing our recovery. Longer-term, Micron's technology leadership, product portfolio, and operational excellence continues to strengthen our competitive positioning across diverse growth markets, including AI and memory-centric computing." |
