Micron Technology Inc (MU) exceeded expectations with its Q2 2024 earnings report, reporting earnings of $0.42 per share, significantly higher than the estimated loss of $0.26 per share. This represents a 122% increase in earnings compared to the same period last year when losses were reported at $1.91 per share.
The actual revenue for the second quarter was $5.8 billion, surpassing estimates by $494 million, or 9%. This marks a 58% increase in revenue year-over-year, showing that the company has improved its profit margin. Following the report, the stock price rose by 14.92% to $96.25.
Before the earnings report, Wall Street analysts had rated the stock as a Strong Buy. InvestorsObserver’s Bullish Sentiment score indicates positive trading activity surrounding the stock. Over the past few months, Micron Technology has performed slightly above average in the market. It received a Long-Term Technical Rank of 74 by InvestorsObserver, placing it in the top half of stocks. The stock recently reached a 52-week high of $101.85 on March 8, 2024, and a 52-week low of $56.01 on April 5, 2023.
Historically, Micron Technology primarily focused on designing and manufacturing DRAM for PCs before expanding into the NAND flash memory market through acquisitions such as Elpida in 2013 and Inotera in 2016 which increased its DRAM scale significantly . Today Micron’s DRAM and NAND products are tailored to a variety of markets including PCs, data centers, smartphones game consoles automotives and other computing devices .
