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Micron Technology Inc. maintained its Q2 guidance during the Wolfe Semiconductor Conference but forecasted revenue growth for fiscal Q3. However, the company warned of a decline in gross margins by a few hundred basis points, attributed to a higher mix of consumer products and underutilization of NAND. This outlook has led to a premarket decline of 4.6% in Micron's stock price. Analysts had previously expected gross margins to remain flat quarter-over-quarter, indicating a shift in market conditions that may impact future performance.
Micron Stock Falls as News on Outlook Disappoints https://t.co/LrYusQ0j4A
$MU -4.6% premarket after saying at a Wolfe conference they expect GMs to be down by a few hundred bps in the May quarter. Blames a higher mix of consumer products, lower consumer pricing and NAND conditions. Industry conditions expected to support higher margins beyond FQ3.
Micron $MU, speaking at the Wolfe Semiconductor Conference, maintained its Q2 guidance but forecasted fiscal Q3 revenue growth. However, it expects gross margins to decline by a few hundred basis points, driven by a higher consumer mix and NAND underutilization