Micron Technology, Inc. (NASDAQ:MU) is due to report earnings after the market closes on Wednesday when it is largely expected that the company will post its fifth consecutive revenue decline.
This time around, revenue is expected to plunge roughly 40% year-over-year to $3.91 billion. Micron’s adjusted loss is expected to be $1.18 per share, compared to a profit of $1.35 per share a year earlier.
The company has been hurt by a Chinese government ban on Micron memory and storage chips introduced earlier this year, which has impacted sales to companies headquartered in the country.
Remarkably, Micron stock is up about 40% thus far in 2023 despite the dwindling revenue figures. Perhaps another relative surprise could deliver a similar bump.
On Monday, Micron shares fell 0.4% to $68.58.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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