News & Analysis

Micron earnings top estimates – the stock is flying in the after-hours

21 March 2024 By Klavs Valters


It was a busy day in the US today, with investors waiting on the latest policy decision from the Federal Reserve.

The Fed left interest rates unchanged at 5.5%, as expected. All three major Indices, Dow Jones, S&P 500, and Nasdaq finished the trading day at all-time highs for the first time since 8/11/2021.

After the market closing bell, Micron Technology Inc. (NASDAQ: MU) released Q2 of fiscal 2024 financial results and the US semiconductor company did not disappoint.

The company reported revenue of $5.824 billion, which was above analyst estimate of $5.347 billion.

Earnings per share was reported at $0.42. Analyst expected Micron to report a loss per share of -$0.253.

Company overview

  • Founded: October 5, 1978
  • Headquarters: Boise, Idaho, United States
  • Number of employees: 43,000 (2023)
  • Industry: Semiconductors
  • Key people: Robert E. Switz (Chairman), Sanjay Mehrotra (President & CEO)

CEO commentary

“Micron delivered fiscal Q2 results with revenue, gross margin and EPS well above the high-end of our guidance range — a testament to our team’s excellent execution on pricing, products and operations,” Sanjay Mehrotra, CEO of Micron said in a statement.

“Our preeminent product portfolio positions us well to deliver a strong fiscal second half of 2024. We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI,” Mehrotra added.

Stock reaction

Shares were up by 2.39% at the end of the session on Wednesday at $96.25 a share.

The stock rose by over 14% in the after-hours trading as earnings topped expectations.

Stock performance

  • 5 day: +2.22%
  • 1 month: +18.11%
  • 3 months: +22.32%
  • Year-to-date: +12.78%
  • 1 year: +65.46%

Micron stock price targets

  • New Street Research: $100
  • Wolfe Research: $80
  • BMO Capital Markets: $90
  • Susquehanna: $112
  • Evercore ISI: $100
  • Wells Fargo & Company: $95
  • The Goldman Sachs Group: $97
  • Deutsche Bank: $90
  • JP Morgan Chase & Co.: $105
  • Morgan Stanley: $74.75
  • Bank of America: $100
  • Needham & Company LLC: $100
  • Piper Sandler: $95
  • Raymond James: $100
  • Mizuho: $105

Micron Technology Inc. is the 142nd largest company in the world with a market cap of $106.25 billion, according to CompaniesMarketCap.

You can trade Micron Technology Inc. (NASDAQ: MU) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to “Trading” then select “Share CFDs”.

GO Markets offers pre-market and after-market trading on popular US Share CFDs.

Why trade during extended hours?

  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
  • Reduce your risk and hedge your existing positions ahead of a new trading day
  • Extended trading hours on popular US stocks means extended opportunities

Sources: Micron Technology Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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