Micron Technology Inc. is set to post its fiscal second-quarter results Tuesday after the market closes. Here’s what you need to know.
REVENUE: The memory-chip maker is expected to report $3.71 billion in revenue, down from $7.79 billion a year earlier, according to FactSet.
ADJUSTED EARNINGS: The Boise, Idaho, based company is expected to post an adjusted loss of 67 cents a share, compared with adjusted earnings of $2.14 in the year-ago period, according to FactSet.
NET INCOME: Micron is expected to post a loss of $853.2 million versus net income of $2.26 billion in the prior-year period, according to FactSet.
WHAT TO WATCH:
LAYOFFS: Look for additional commentary from Micron regarding the size of its workforce after earlier this month saying it would accelerate its layoff plan and reduce its headcount by 15% this year, up from December’s announcement calling for a 10% reduction. The workforce reduction comes as the company adapts to a fall-off in demand for computers and other electronics that its products are used in.
INVENTORY: Another area of focus will be Micron’s inventory, which hit $8.4 billion in the first quarter ended Dec. 1. Micron earlier this month said it’s planning to write down inventory in its latest fiscal quarter and is reducing chip production amid a weaker market. The company sees elevated inventory levels improving through this year, executives said in an analyst call.
Leave a Reply