受市场需求疲弱的拖累，美光股价已从6月份创下的历史高点累计下跌逾30%。1. Micron Technology announced its first quarter Earnings Reports, with revenue of 8.71 billion USD, meeting expectations; adjusted EPS of 1.79 USD, also meeting expectations; 2. Weak demand for Consumer Electronics and oversupply led to a sluggish DRAM chip market; 3. Micron's outlook for revenue and profit for the second quarter is below Wall Street's expectations, resulting in a drop of more than 15% in after-hours trading.
On December 19, the Financial Association reported (Editor Liu Rui) that on Wednesday afternoon Eastern Time, Micron Technology released its first quarter (ending November 28) Earnings Reports.
The Earnings Reports show that although Micron's first quarter performance generally met expectations, weak demand for Consumer Electronics and falling memory chip prices led to a revenue and profit outlook for the second quarter that was below Wall Street expectations, resulting in a nearly 16% drop in the company's stock price in after-hours trading as of the time of reporting.
Due to weak market demand, Micron's stock price has cumulatively fallen more than 30% from its historical high reached in June.
Micron delivers a disappointing report.
With Broadcom recently releasing strong Earnings Reports and outlook, U.S. chip stocks have experienced significant volatility; therefore, Micron's Earnings Reports are also closely watched by the market.
However, unlike Broadcom, Micron's Earnings Reports did not satisfy the market. Due to weak Consumer demand and persistent oversupply, the Global DRAM chip market remains sluggish, and DRAM chips account for the majority of Micron's revenue.
The Earnings Reports show that for the first fiscal quarter ending November 28,
Micron's revenue was 8.71 billion USD, while Analysts expected it to be 8.7 billion USD;
The adjusted EPS was 1.79 USD, while Analysts expected 1.76 USD.
Looking ahead to the second fiscal quarter, based on data compiled by LSEG, excluding certain items,
Micron expects earnings per share of 1.43 USD for the second quarter, with a fluctuation of 0.10 USD, whereas Analysts expect 1.91 USD.
Micron anticipates second quarter revenue to be approximately 7.9 billion USD, with a fluctuation of 0.2 billion USD, while Analysts estimate it at 8.98 billion USD.
The demand in the Consumer Electronics market remains weak.
Currently, the demand for personal computers and Smart Phones in major Global markets remains sluggish, leading to declining inventory levels and an oversupply of Memory Chips.
According to research firm Gartner, global personal computer shipments in the third quarter of 2024 amounted to 62.9 million units, a decrease of 1.3% compared to the same period last year.
Micron's CEO Sanjay Mehrotra stated in the company's press release before the conference call: "The PC upgrade cycle is gradually unfolding, and we expect PC sales growth to hold steady in 2024, slightly below previous expectations... Over time, we remain optimistic about the popularity of AI personal computers."
He also stated: "Although the consumer-facing market is relatively weak in the short term, we expect to return to growth in the second half of this fiscal year."
