uploads///micro pixabay

Micron Stock Fell after Its Q1 2019 Earnings Results


Dec. 21 2018, Updated 9:30 a.m. ET

Micron fell 8.97% in after-hours trading

On December 18, Micron Technology (MU) reported mixed numbers for the first quarter of fiscal 2019 ending November 29. While Micron beat analysts’ earnings expectations, it missed the revenue estimates in the first quarter. The company expects weaker-than-expected guidance for the second quarter of fiscal 2019 due to weak industry demand-supply dynamics.

The revenue miss in the first quarter and soft guidance pulled down the stock prices in the after-hours trading on December 18. Micron stock fell nearly 8.97% in the after-hours trading but closed up 0.68% to $34.11 on December 18.

Article continues below advertisement

Micron’s first-quarter results and guidance

Micron reported an adjusted EPS of $2.97 in the first quarter of fiscal 2019. Micron’s earnings beat the EPS expectation of $2.96 by 0.3% and the EPS of $2.45 per in the same quarter last year by 21.2%. The company’s revenues of $7.91 billion missed the expectations of $8.02 billion due to inventory adjustments. The revenues rose ~16.3% YoY (year-over-year) from $6.8 billion in the first quarter of fiscal 2018 due to double-digit YoY revenue growth across major markets.

Stock returns

Micron stock has lost more than 25% in the past year as of December 18. The S&P 500 has lost ~5% during the same period. Since the company expects the weak revenues to continue in 2019, investors’ concerns will likely increase. In the semiconductor space, NVIDIA (NVDA) and Broadcom (AVGO) declined ~25.1% and 2.9%, respectively. Intel (INTC) and Advanced Micro Devices (AMD) gained 2.9% and 77.6%, respectively, in the past year.


More From Market Realist

  • Honeywell sign
    Earnings Report
    CNBC Pro Stocks to Buy Before Q1 Earnings
  • Men walking by Morgan Stanley headquarters
    Morgan Stanley’s (MS) Stock Forecast Before Q1 Earnings
  • Carnival cruise ship sailing
    Carnival's (CCL) Stock Forecast Before Q1 Business Update
  • GameStop store
    GME's Earnings Are Coming: Will It Be Mayday for Shorts or WallStreetBets?
  • CONNECT with Market Realist
  • Link to Facebook
  • Link to Twitter
  • Link to Instagram
  • Link to Email Subscribe
Market Realist Logo
Do Not Sell My Personal Information

© Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.