https://tokenist.com/micron-q4-earnings-beats-estimates-but-poor-guidance-drags-stock-price/
Micron reported Q4 2023 earnings and revenue, surpassing analysts’ expectations; however, its shares fell by 4.6% due to a less optimistic outlook amid ongoing supply constraints. While Micron posted an adjusted loss narrower than expected at $1.07 per share, and revenue of $4.01 billion exceeding the expected $3.93 billion, it was significantly down from $6.65 billion year-over-year.
Gross margins also plunged due to a nearly 40% decline in revenue from waning demand. Micron anticipates continued losses and is working to supply high-bandwidth chips to Nvidia, hoping to leverage the rising demand in AI, expecting this collaboration to bring in “several hundred million” dollars in revenue in 2024. CEO Sanjay Mehrotra remains optimistic about market recovery in 2024 and foresees record industry revenue in 2025.
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