Shares of Micron Technology, Inc. MU fell 1.88 percent on Wednesday, ahead of the company’s third quarter financial results, scheduled for after the market closes on Thursday.
According to Estimize, the company is expected to report a marked decline in earnings on pretty much flat sales.
In the third quarter last year, the chipmaker reported earnings of $0.79 per share on revenue of $3.98 billion. For the current quarter, management guided sales of $3.95 billion. The Street, for its part, is modeling consensus earnings of $0.58 per share on revenue of $3.945 billion, while the crowd is projecting consensus earnings of $0.66 per share on revenue of $3.992 billion. However, Micron has a history of beating consensus estimates.
Related Link: Cowen, Topeka Bullish On Micron Before Earnings
A second chart shows the evolution of sentiment over time. Both the Street and the crowd have been becoming increasingly bearish as earnings loomed.
Related Link: MKM: 'Room To Disappoint' For Micron Technology's Q3
PC Struggles ‘Could Be Prolonged’
In a recent report, MKM Partners’ Ian Ing trimmed his third quarter earnings estimate by 16 percent, to $0.55 a share, maintaining a Neutral rating and $30 price target on the stock.
Micron has beaten expectations in each of the past four quarters. Nonetheless, Ing thinks its struggles in the PC market "could be prolonged."
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