Micron Q2 Revenue Hits $24B with $12.20 EPS but Shares Drop 5%
Micron reported second-quarter revenue of $24 billion and EPS of $12.20, above forecasts of $20 billion and $9.31, yet shares fell about 5%. The company projects $33.5 billion revenue and $18.90 EPS next quarter while warning it can fulfill only 50%–66% of key customer memory-chip demand.
1. Strong Q2 Results
Micron reported second-quarter revenue of $24 billion and EPS of $12.20, beating forecasts of $20 billion revenue and $9.31 EPS and marking nearly a tripling of revenue year-over-year. Insatiable data center and AI demand powered the outperformance.
2. Market Reaction and Analyst Updates
Despite the blowout results, shares declined about 5% as investors had largely priced in robust chip demand. Wells Fargo raised its price target to $550 from $470 and Barclays boosted its target to $670 from $450.
3. Next Quarter Outlook and Constraints
Micron projects $33.5 billion in revenue and $18.90 EPS for the upcoming quarter but cautions it can only supply 50%–66% of key customer memory-chip requirements, highlighting persistent supply limitations.