Micron Technology loss beats estimates
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 29 June 2023
⏱️ 6 minutes
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast where we cover the top news for |
| 0:05.4 | investors every morning. Good morning today is Thursday June 29th and I'm your |
| 0:10.4 | host Julie Morgan. Too simple is said to be weighing options for its U.S. business. |
| 0:16.0 | Micron Technology reports a loss that is better than expected |
| 0:20.0 | and Visa is buying Pismo. |
| 0:22.0 | Here's what's making headlines today. and Visa is buying Pismo. |
| 0:25.0 | Here's what's making headlines today. Pre-market Micron Technology is up 3.6% |
| 0:29.0 | after the memory chipmaker reported a third quarter loss that wasn't as bad as feared. |
| 0:35.1 | For the period ending June 1st, Micron lost an adjusted $1.43 per share as revenue came in at 3.75 billion dollars. A consensus of analysts |
| 0:46.0 | expected the company to lose $1.57 cents per share on 3.68 billion dollars in revenue. |
| 0:53.6 | Additionally, the company said its adjusted gross margin during the period was 16.1%, |
| 1:00.0 | well above the negative 21.1% that investors were anticipating. |
| 1:04.8 | Looking ahead, Micron said it expects to lose between $1.12 and $1.26 per share |
| 1:11.7 | on an adjusted basis, with revenue forecast to be between 3.7 and $4.1 billion. Analysts were looking for Micron to lose $1.10 per share on an adjusted basis with $3.87 billion in sales. |
| 1:27.2 | Micron also pointed out that the recent decision by the Cyber Space Administration of China |
| 1:32.4 | is a significant headwind that is impacting the company's |
| 1:35.8 | outlook and could slow its recovery. |
| 1:38.6 | In addition, Micron said on Wednesday that it had signed a memorandum of understanding with the Indian |
| 1:44.2 | government to build the semiconductor facility it announced earlier |
| 1:48.0 | this month. Too Simple announced on Wednesday that the board is evaluating strategic alternatives for its U.S. business with the goal of maximizing shareholder value. |
| 1:59.0 | The decision to explore strategic alternatives for the U.S. business was said to be guided by a review of multiple |
| 2:05.9 | business factors and commercial opportunities. The company says it does not plan to make further |
... |
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