Micron Technology (MU) late Wednesday posted a smaller-than-projected fiscal first-quarter loss, while its revenue surpassed Wall Street’s estimates amid higher pricing.
The memory and storage product maker’s adjusted per-share loss grew to $0.95 during the three months ended Nov. 30 from $0.04 a year earlier, but came in better than the $1.01 loss modeled in a Capital IQ-polled consensus. Revenue rose to $4.73 billion from $4.09 billion, topping the Street’s $4.63 billion view.
The stock was advancing 5% in after-hours activity.
“Micron’s strong execution and pricing drove better-than-anticipated first-quarter financial results,” Chief Executive Sanjay Mehrotra said in a statement. An improved supply-demand environment gives the company additional confidence in the business’ trajectory, Mehrotra said in prepared remarks posted on the company’s website.
Micron forecasts a second-quarter adjusted loss of $0.28 per share, plus or minus $0.07, on revenue of $5.30 billion, plus or minus $200 million. The consensus is for a $0.61 normalized loss and $5.05 billion in revenue.
The company expects “pricing to continue to strengthen” through the 2024 calendar year, which should see improved margins and financial performance, Mehrotra said in prepared remarks.
“We expect our business fundamentals to improve throughout 2024, with record industry (total addressable market) projected for calendar 2025,” Mehrotra said in the statement. “We are well positioned to capitalize on the immense opportunities artificial intelligence is fueling across end markets.”