Micron Technology (NASDAQ:MU) stock is taking off on Tuesday thanks to the company’s earnings report for its fiscal first quarter of 2021.
Let’s dive into that report below to see why investors are happy with MU stock today!
- First off, the company reported adjusted earnings per share of $2.16.
- That matches what Wall Street was expecting from the computer memory and storage company.
- It’s also a massive jump from the adjusted EPS of 78 cents reported during the same time last year.
- To go along with that, Micron Technology reported revenue of $7.69 billion in fiscal Q1.
- That’s just above the $7.68 billion that analysts were expecting for the period.
- It’s also a major increase over the $5.77 billion reported during the same time last year.
- Strong fiscal Q2 guidance is another highlight for MU stock today.
- That includes its adjusted per-share earnings outlook of $1.85 to $2.05.
- This is looking good next to Wall Street’s $1.85 estimate.
- Micron Technology is also expecting revenue ranging from $7.3 billion and $7.7 billion.
- Even at the low end, that’s better than analysts’ revenue estimate of $7.26 billion for the quarter.
Sanjay Mehrotra, president and CEO of Micron Technology, said the following about the news boosting MU stock today.
“We are now shipping our industry-leading DRAM and NAND technologies across major end markets, and we delivered new solutions to data center, client, mobile, graphics and automotive customers. As powerful secular trends including 5G, AI, and EV adoption fuel demand growth, our technology leadership and world-class execution position us to create significant shareholder value in fiscal 2022 and beyond.”
MU stock is up 8.3% as of Tuesday morning and is up 19.9% since the start of the year.
Investors on the lookout for more recent stock news will want to keep reading!
We’ve got all the latest stock coverage that traders need to know about. That includes Reliance Global (NASDAQ:RELI) stock rocketing higher, this morning’s biggest pre-market stock movers, as well as what happened with EV stocks yesterday. You can get all that info from the links below!
More Tuesday Stock Market News
- RELI Stock Alert: 7 Things to Know as Reliance Group Rockets 100%
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- NIO, LI, XPEV Stocks: Why Are Chinese EV Stocks Hitting the Brakes Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.