Micron Technology, Inc. (NASDAQ:MU) is expected to report a jump in revenue for the fiscal first quarter when it hands down its latest financial results after the stock market closes on December 20, 2023.
The chipmaker in late November raised its guidance for 1Q to revenue to up to $4.7 billion from its prior guidance range of $4.2 billion to $4.6 billion, compared to $4.1 billion in the year-ago quarter.
Its adjusted loss per share is expected to be approximately $1.
Micron also forecast its gross margins to approach breakeven, projecting gross margins in the range of negative 0.5% to 0.0% compared to its prior expectation of negative 6% to negative 2%.
Wall Street analysts, on average, expect Micron to report a loss per share of $1.01 on revenue of $4.6 billion, representing a year-over-year increase in revenue of 12.6%.
Shares of Micron traded 1.3% higher at US$74.60 on Friday morning. The stock has gained 48.1% in the year to date.
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