Earnings review of Micron - why the fall following a solid quarter beating performance (FQ2-22)
Micron $MU beat the market forecast in both EPS and revenue from their 29 Mar 2022 earnings. EPS 2.14 (actual) vs 1.98 (forecast) Revenue 7.79B (actual) vs 7.53B (forecast) In fact, Micron has been beating the forecast (of both EPS and revenue) for the last 5 previous consecutive quarters. On the day of earning (29 Mar 2022), the stock opened with a price of $84.30 and closed the trading day at $$79.16. As of 01 Apr 2022, the stock closed with a price of $76.18, a fall of 9.6% since 29 Mar 2022's opening price. MU revenue & EPS beat market forecast for results released on 29Mar22 Highlights (extracted from Micron's presentation deck): Delivered excellent performance in FQ2 with results above the high end of our guidance; grew revenue and margins sequentially SSD products achieved record revenue; auto market revenues also reached an all-time high Industry-leading 1-alpha DRAM and 176-layer NAND technology node ramps delivering strong cost reductions Portfolio transformati...