Micron Technology, Inc. (MU) stock jumped up by 6.79% in the after-hours, following the announcement of Q1 earnings. The company declared its first-quarter fiscal 2022 earnings on Monday, December 20.
During regular trading, the stock was in the red with a loss of 1.17% at its closing price of $82.03. Soon after the announcement, MU stock rallied in the after-hours to reach $87.60 at 4.59 million shares.
The memory and storage solutions provider, Micron Technology, Inc. (MU) was founded in 1978. Currently, its 1.12 billion outstanding shares trade at a market capitalization of $92.97 billion.
Q1 FY2022 Financial Results
MU’s first quarter of fiscal 2022 ended on December 02, 2021. According to the results, the company generated a revenue of $7.69 billion in Q1 fiscal 2022. This compares to $8.27 billion and $5.77 billion for the previous quarter and a year ago’s quarter respectively. Moreover, the revenue increased by 33% year-over-year and was ahead of MU’s target of $7.65 billion.
Moreover, the non-GAAP net income in the first quarter of fiscal 2022, was $2.47 billion. Consequently, the non-GAAP net income per diluted share was $2.16 in the quarter. Hence, the EPS beat the company’s target of $2.10 per share for the quarter.
In addition, the operating cash flow was $3.94 billion in the Q1 fiscal 2022, against $1.97 in the Q1 of fiscal 2021.
MU’s Quarterly Dividend
The board of directors of MU, announced a quarterly dividend of $0.10 per share for its stockholders, on December 17, 2021. Moreover, the record date for the dividend is January 03, 2022, and is payable on January 18, 2022.
Future Outlook
According to the guidance provided in the earnings report, MU expects Q2 FY2022 non-GAAP revenue of $7.5 billion (+/- $200 million).
Furthermore, the company expects to generate non-GAAP diluted EPS of $1.95 (+/- $0.10) per share in the upcoming quarter.
MU’s New Design Center
On December 06, the company announced that it plans to open a new design center in Midtown Atlanta. Moreover, the new facility will be opened in January 2022.
Hence, this new center will not only expand MU’s reach into the Southeast but also allow access to its rich pool of technical talent. Furthermore, the company intends to form strong partnerships with multiple institutions in the region, like Emory University, Georgia Tech, Morehouse College, and Spelman College, etc.
