Micron Earnings Preview: Another Beat And Guide Above Street... But SCAs May Cap Upside Surprise

Three months ago, heading into Micron's May-quarter print, sentiment was "11/10" and the stock had already soared over 260% YTD. It didn't matter: on June 24, Micron blew away Q2 expectations anyway, printing $41.5BN in revenue vs $35.7BN expected, an 84.9% gross margin vs 81.9%, and guiding the August quarter to $49-51BN, some $7BN above where the Street was. By the next morning, SK Hynix was up 11% and Kioxia as much as 15% in sympathy.

Fast forward to today, and the memory giant reports again after the close, with the setup noticeably less euphoric. So what does Goldman expect? Here is a summary of what the bank's analysts and trading desk are saying.

The numbers: it's all about the November guide