Micron earnings top estimates, issues mixed guidance

Micron Technology's (MU) fourth quarter results were better than analysts were expecting. The memory and storage company reported a smaller adjusted loss than expected, ($1.07) per share compared to the ($1.18) estimate. Revenue of $4.01 billion topped Street estimates of $3.93 billion. First quarter earnings guidance of ($1.00-$1.14) missed expectations of ($0.96), however, Synovus Trust Senior Portfolio Manager Daniel Morgan points out that the company's revenue guidance was higher than estimates, describing the outlook as "mixed." When it comes to Micron's prospects in AI, Morgan the company does "benefit from AI," however there is not going to be a "Nvidia-like impact from AI on this quarter. I think it's something that is going to play out over a longer period of time."