Thu Sep 26 15:01:14 UTC 2024: ## Micron Technology Surges on Strong Q3 Earnings Beat

**Boise, Idaho, September 26, 2024** – Micron Technology, Inc. (NASDAQ: MU) stock soared in pre-market trading on Thursday after the semiconductor manufacturer reported better-than-expected third-quarter earnings, exceeding analyst forecasts and sending a positive signal about the company’s performance.

Micron reported earnings per share of $1.18, surpassing the consensus estimate of $0.97 by a significant margin. The company’s revenue for the quarter came in at $7.75 billion, slightly exceeding analyst expectations of $7.65 billion. This marked a significant improvement from the same period last year, where Micron posted a loss of $1.21 per share.

The company’s quarterly revenue saw a substantial 93.3% increase compared to the same period in 2023. This strong performance indicates a rebound in the semiconductor market and a positive outlook for Micron’s future.

Despite the positive earnings report, Micron’s net margin remained negative at 7.20%, while the return on equity was also negative at 4.01%. These figures suggest that the company is still navigating a challenging operating environment and may need to further optimize its operations for sustainable profitability.

The stock opened at $113.10, a significant jump from its previous closing price of $95.77. As of the time of writing, shares were trading at $112.21 with over 25 million shares changing hands.

Analysts remain generally optimistic about Micron’s future prospects. While some have recently lowered their price targets, the stock still boasts a “Moderate Buy” consensus rating with an average price target of $144.88 according to MarketBeat. Several institutional investors have also increased their stakes in the company, reflecting their confidence in its growth potential.

The company’s strong performance in the third quarter signals a positive trend for Micron, although ongoing market challenges remain. The company’s ability to sustain this growth trajectory while improving its profitability will be crucial for its future success.

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