Micron Q2 earnings report: ‘on track to deliver record revenue in 2022’

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Shares of Micron Technology Inc (NASDAQ: MU) jumped 5.0% in extended trading after the chipmaker reported solid results for Q2 and offered upbeat guidance for the future.

What Micron Q2 results tell us

Net income printed at $2.27 billion versus the year-ago figure of $603 million.Per-share earnings jumped to $2.0 from last year’s 53 cents.Adjusted earnings came in at $2.14 per share, as per the earnings press release.At $7.77 billion, Revenue was up 25% on a year-over-year basis.FactSet consensus was for $7.53 billion in revenue and $1.98 of adjusted EPS.Free cash flow of just over $1.0 billion on an adjusted basis.Board authorised a quarterly dividend of 10 cents per share.

Future outlook and CEO’s remarks

For the current quarter, Micron forecasts revenue to fall in the range of $8.50 billion to $8.90 billion on $2.36 to $2.56 of adjusted EPS. In comparison, analysts had called for $8.13 billion in Q3 revenue on $2.24 of adjusted per-share earnings.

In the earnings press release, CEO Sanjay Mehrotra said:

We’re leading the industry in technology across DRAM and NAND, and our product portfolio momentum is accelerating. With outstanding first half results, Micron is on track to deliver record revenue and robust profitability in fiscal 2022.

In January, Citi’s Chris Danley said Micron was his top semiconductor stock for 2022.

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