Micron Technology (MU) is set to report its second quarter earnings tomorrow afternoon. In the previous quarter, the company exceeded revenue expectations by 8.8%, reporting revenues of $5.82 billion, which was a 57.7% increase year on year. This impressive performance included a significant improvement in gross margin and beat analysts’ EPS estimates.
Analysts are expecting Micron Technology’s revenue to grow by 77.9% year on year this quarter to $6.67 billion, a reversal from the 56.6% decrease in the same quarter last year. Adjusted earnings are anticipated to be $0.53 per share.
Over the last 30 days, analysts have generally maintained their estimates for Micron Technology, indicating confidence in the company’s performance leading up to earnings. The company has missed Wall Street’s revenue estimates four times in the past two years.
As the first among its competitors to report earnings this season, Micron Technology’s results will offer insight into the upcoming quarter for semiconductor stocks. Buying back shares can be a smart move when a company has excess cash, and Micron Technology is currently considered a buy according to analysts. For more information on a fallen angel growth story that is recovering from setbacks, click here to claim your special free report.