$MU (+5% AH) delivered a better than expected 1Q and gave very strong 2Q guidance:
1Q:
- Adj Rev $4.73B vs $4.58B est
- Adj Gross margin +0.8% vs -1.8% est
- Adj EPS -$.95 vs -$1.00 est
2Q guidance:
- Adj Rev $5.1-$5.5B vs $4.97B (+6.6%)
- Adj Gross margin 11.5%-14.5% vs 6.4% est
- Adj EPS -$.21 to -$.35 vs -$.62 est
$MU had pre-announced much of 1Q at the end of Nov. MU seeing LSD-MSD growth in PCs in 2024 and MSD growth in servers. MU said smartphones will “grow modestly” in 2024.
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