Micron Technology, Inc. (NASDAQ:MU) has today revised its guidance for the first quarter of fiscal 2024.
The company now expects revenue to approach $4.7 billion, up from the prior forecast of $4.2-4.6 billion. Street consensus stood at $4.41 billion.
Micron cited “improved supply and demand balance and improved pricing” as reasons behind the outlook update.
Still, shares fell 3.5% in early trade.
Micron also said it sees an adjusted gross margin between -0.5% and flat, a notable upgrade relative to the prior forecast of -4% (up or down 2%). Analysts were looking for a negative adjusted gross margin of 1.7%.
A loss per share is now expected at $1.00, in line with consensus. The prior forecast called for a loss per share ranging between $1.17 and $1.31.
Shares could remain volatile as the company’s senior management is set to share further business updates in a fireside chat at the 2023 UBS Global Technology Conference in Arizona, which is scheduled to take place at 7:35 a.m. Mountain time later today.
