Micron (NASDAQ:MU) stock is on the move Friday after the company released its earnings report and got new subsidies for chip production.
Starting with the earnings report, the company brought in adjusted earnings per share (EPS) of $1.45 for the fiscal fourth quarter of 2022. That beat out the $1.37 per share that Wall Street was expecting. However, it’s down from the $2.42 per share reported in fiscal Q4 2021.
Unfortunately, the company’s revenue of $6.64 billion isn’t as positive. It misses the $6.78 billion in revenue that analysts were expecting during the period. It’s also a drop from the $8.27 billion reported during the same time last year.
Micron also includes guidance for its fiscal first quarter of 2023 in its earnings report. It’s expecting an adjusted EPS of -6 cents to 14 cents on revenue of $4 billion to $4.5 billion. For comparison, Wall Street is looking for an adjusted EPS of 64 cents on revenue of $5.62 billion.
MU Stock: Subsidies From Japan
While earnings are a mixed bag, Micron did get $320 million in government subsidies from Japan. This is the culmination of months-long discussions between the U.S. and Japan to bolster supply chains.
Both the U.S. and Japan are preparing to deal with potential supply chain disruptions from China. The government subsidies from Japan are likely only the first agreements investors will see in the coming months.
Today’s news starts MU stock off with decent trading. That has some 12 million shares on the move as of this writing. That’s closing in on its daily average trading volume of 17 million shares.
MU stock is up 1.1% as of Friday morning.
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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.
