Micron Technology Stock Drops Over 5% In Pre-Market Despite Beating Q3 Revenue Estimates — Here's Why
Portfolio Pulse from Benzinga Neuro
Micron Technology's stock dropped over 5% in pre-market trading despite beating Q3 revenue and EPS estimates. The decline is attributed to minor profit booking. The company's AI prospects remain strong, with expected growth in High Bandwidth Memory (HBM) revenue. Micron is also set to benefit from the CHIPS Act.
June 27, 2024 | 10:33 am
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Micron Technology's stock dropped over 5% in pre-market trading despite beating Q3 revenue and EPS estimates. The decline is attributed to minor profit booking. The company's AI prospects remain strong, with expected growth in High Bandwidth Memory (HBM) revenue. Micron is also set to benefit from the CHIPS Act.
Despite beating Q3 revenue and EPS estimates, Micron's stock dropped due to profit booking. The company's AI prospects and expected growth in HBM revenue are positive, but the immediate market reaction is negative.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100