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.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get spreads from just 0.1% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets