Semiconductor giant Micron Technology (NASDAQ:MU) could report record quarterly revenue for a second straight quarter when the company reports fourth-quarter results Tuesday after market close.
Here are the earnings estimates, what experts are saying, and key items to watch.
Earnings Estimates: Analysts expect Micron to report fourth-quarter revenue of $11.22 billion, up from $7.75 billion in last year’s fourth quarter, according to data from Benzinga Pro.
The company has beaten analyst estimates for revenue in nine straight quarters.
Micron’s previous record quarterly revenue was $9.3 billion reported in the third quarter, which means this could be the second straight quarter with a record revenue total.
Analysts expect Micron to report fourth-quarter earnings per share of $2.86, up from $1.18 in last year’s fourth quarter.
The company has beaten earnings per share estimates in six straight quarters and in eight of the last 10 quarters overall.
Guidance from the company calls for fourth-quarter revenue of $10.4 billion to $11.0 billion and earnings per share in a range of $2.35 to $2.60.
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What Experts Are Saying: Sentiment for the memory market and stocks like Micron has improved, Stifel analyst Brian Chin said in a recent investor note.
“The key fundamental catalyst is an increase in data storage, eSSD centric demand emanating from key hyperscaler customers,” Chin said.
The analyst maintained a Buy rating on Micron and raised the price target from $145 to $173.
Chin said product orientation, optimization and AI are all key factors in the improved outlook for Micron.
“There are favorable cross-effects in terms of increases in channel pricing and even customer OEMs being more inclined to restock inventory.”
Chin said Micron’s first-quarter revenue growth could be more from higher average selling prices and gross margins could come in higher than expected.
While capex could increase in coming quarters, Chin said revenue growth will likely outpace the higher spending.
Piper Sandler analyst Harsh Kumar is more cautious on Micron heading into the earnings report.
“We are not expecting much upside to the $11.2 billion revenue number or the EPS of $2.85 that the company guided to,” Kumar said.
Kumar maintained an Overweight rating on Micron with a $165 price target ahead of the report.
The analyst does see the first quarter results coming in ahead of current estimates.
“We think Micron has the potential to exceed the street estimate by roughly $200M-$300M. That said, we think this would be enough for the stock to sustain current levels.”
Kumar cautions investors to wait until Micron’s report before adding or chasing the stock.
Freedom Capital Markets Chief Market Strategist Jay Woods said there is optimism for Micron heading into the earnings print.
“There is much to be optimistic about heading into Tuesday’s numbers,” Woods said in a weekly newsletter. Shares rallied over 39% since Sept. 2 and are trading right at all-time highs, he added.
Micron shares typically struggle on days it reports earnings, with shares falling after four of the last five earnings reports.
Key Items to Watch: Micron’s third quarter report saw records set with revenue up 37% year-over-year. The quarter was helped by several products and segments with data center being one of the key areas of growth.
The company said HBM (high bandwidth memory) revenue was up nearly 50% quarter-over-quarter. Data center more than doubled year-over-year in the third quarter, hitting a new quarterly record.
Micron CEO Sanjay Mehrotra said the company was seeing “strong sequential growth” from consumer-oriented end markets.
Analysts and investors will be watching the data center segment, along with other areas of growth.
Guidance will be one of the key items watched by investors and analysts. A beat and strong forward guidance could provide another boost to shares.
“We are on track to deliver record revenue with solid profitability and free cash flow in fiscal 2025, while we make disciplined investments to build on our technology leadership and manufacturing excellence to satisfy growing AI-driven memory demand,” Mehrotra said after third-quarter results.
Price Action: Micron stock is up 1.5% to $165.17 on Monday versus a 52-week trading range of $61.54 to $170.45. Micron stock is up 88.9% year-to-date in 2025.
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