Micron share price up 14% after Q3 results revenue beat
The chipmaker's stock rises after a better-than-expected Q3 earnings report.
Micron share price surged after a better-than-expected Q3 earnings report. Micron’s Q3 earnings and revenue surpassed expectations.
Micron earnings: key figures
|Earnings per share||$1.05|
Micron’s Q3 profits survive Huawei ban
Micron’s Q3 earnings per share were $1.05, surpassing the expected $0.79 per share. Micron’s Q3 revenue was $4.79 billion, exceeding the predicted $4.69 billion.
Financial analysts had diminished expectations for Micron’s Q3 revenue after the US imposed a ban on American companies conducting business with Huawei. Micron chief executive officer (CEO), Sanjay Mehrotra, explained how the chipmaker company complied with the US trade ban, but still found a way to conduct business with Huawei.
‘To ensure compliance Micron immediately suspended shipments to Huawei and began a review of Micron products sold to Huawei to determine whether they are subject to the imposed restrictions,’ said Mehrotra.
‘Through this review we determined that we could lawfully resume shipping a subset of current products because they are not subject to export administration regulations and entity list restrictions. We have started shipping some orders of those products to Huawei in the last two weeks,’ added Mehrotra.
How did Micron’s Q3 results compare to other chipmaker companies?
Micron’s Q3 results were better than Broadcom’s Q2 earnings report. Broadcom had a mixed report, with high earnings and reduced revenue. Micron had positive earnings and revenue.
What’s Micron’s Q4 outlook?
Micron expects Q4 revenue to be between $4.3 billion - $4.7 billion. Micron’s Q4 earnings per share are projected to be $0.45.
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