Large cap memory stockMicron Technology (NASDAQ: MU) reportedfiscal Q1 2018 earnings after the Tuesday market close with results beating expectationsbenefited from a chip boom fuelled by demand from personal computer, server and smartphone makers.
Revenues rose 71% to$6.80 billion and were also11% higher compared to the fourth quarter of 2017, reflecting increased demand for our mobile, server and SSD products. GAAP net income was $2.678 billion versus net income of $2.368 billion for Q4 2017 and net income of $180 million.Micron President and CEO Sanjay Mehrotra commented:
“Micron’s strong results were driven by double-digit sequential revenue growth in mobile, server and SSD applications, with expanded gross margins and improved profitability.
“We are making solid progress on our strategic priorities to drive cost competitiveness, deploy high value solutions and strengthen our balance sheet. We believe these actions will position Micron to benefit from the broad demand trends ahead of us.”
A technical chart for Micron Technology shows shares peaking in November and then dropping off a bit since then:
A long term performance chart shows shares of Micron Technology peaking in late 2014 andbottoming in 2016 before taking off again to above previous all time highs whilepotential performance benchmarks likeIntel Corporation (NASDAQ: INTC), Western Digital Corp (NASDAQ: WDC) and the Market Vectors Semiconductor ETF (NYSEARCA: SMH) have all given positive performances:
Finally, here is a quick recap of large cap Micron Technologys recent earnings history along with EPS estimate trends from the Yahoo! Finance analyst estimates page going into the current earnings report:
|7 Days Ago||2.19||2||7.89||6.77|
|30 Days Ago||2.18||1.96||7.72||6.83|
|60 Days Ago||2.17||1.92||7.61||6.7|
|90 Days Ago||1.82||1.57||6.35||5.35|