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Micron Technology, Inc. (MU) Q3 2026 Earnings Call June 24, 2026 4:30 PM EDT

Company Participants

Satya Kumar – Corporate VP of Investor Relations & Treasurer
Sanjay Mehrotra – CEO, President & Chairman
Mark Murphy – Executive VP & CFO

Conference Call Participants

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Timothy Arcuri – UBS Investment Bank, Research Division
Joseph Moore – Morgan Stanley, Research Division
Christopher Muse – Cantor Fitzgerald & Co., Research Division
Vivek Arya – BofA Securities, Research Division
Sreekrishnan Sankarnarayanan – TD Cowen, Research Division

Presentation

Operator

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Ladies and gentlemen, thank you for joining us, and welcome to Micron Technology’s Fiscal Third Quarter 2026 Financial Conference Call. After today’s prepared remarks, we will host a question-and-answer session. Webcast viewers, please note that you will be able to advance the slides as you view at your own pace.

I will now hand the conference over to Satya Kumar, Corporate Vice President of Investor Relations and Treasury. Satya, please go ahead.

Satya Kumar
Corporate VP of Investor Relations & Treasurer

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Thank you, and welcome to Micron Technology’s Fiscal Third Quarter 2026 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO; and Mark Murphy, our CFO. Today’s call is being webcast from our Investor Relations site at investors.micron.com including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with the prepared remarks for this call.

Today’s discussion contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include statements regarding our future financial and operating performance and our business model, as well as trends and expectations in our business, customers, market, industry products and regulatory and other matters. These statements are based on our current assumptions, and we assume no obligation to update these statements. Please refer to our most recent financial reports on Form 10-K, Forms 10-Q and

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Mumbai: Shares of textile exporters surged on Wednesday after Motilal Oswal Financial Services initiated coverage on some companies with ‘buy’ ratings, citing capacity expansion and policy support as the key growth drivers. The brokerage’s price targets imply gains of 9% to 28% over Wednesday’s closing prices.

Gokaldas Exports gained 3.7%, Arvind advanced 6.3%, Pearl Global jumped 11.2%, Indo Count Industries surged 9.5%, and Welspun Living rose 5%.

“Indian textile sector is entering a strong capex cycle with leading players announcing significant investments across garments, fabrics, technical textiles, and value-added categories to capture rising global sourcing opportunities,” said Motilal Oswal in a client note. “Unlike earlier expansion phases focused on commoditised products, the current investment cycle is directed toward higher-margin segments such as garments, MMF, specialty fabrics and advanced textiles, along with automation, sustainability and premiumisation initiatives.”

Mumbai: JPMorgan said it sees further growth headwinds for the Information Technology companies over the next two years as the sector faces an uncertain demand environment from an unprecedented confluence of technology and business cycle headwinds from generative AI-led deflation and geopolitics.

The brokerage downgraded HCL Technologies, Tata Technologies and Wipro to underweight, as current prices have yet to capture the price action so far. Its top picks remain TCS, Infosys, TechM, Coforge, Persistent and Sagility.

JPMorgan said it sees further cuts in FY27 revenue growth expectations for these companies. “With a softer start to the year, the ask rate for FY27 gets tougher, as the usual 1H strength is unlikely to play out this time,” said the brokerage’s analysts in a client note.

JPMorgan has cut April-June revenue growth assumptions for all companies on the back of delays in deal closures and revenue conversion. “Accenture’s print and guidance confirms that weakness is not only in 1Q27, but also likely to bleed into 2QFY27,” the note said.

JPMorgan said growth acceleration is unlikely even for mid-cap firms over the medium term.

“Until we see AI inflation becoming a tailwind, we would prefer to be cautious on the pace of growth recovery, as well as structural growth for the industry.”

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MIAMI GARDENS, Fla. — Scotland will be aiming to make World Cup history when they lock horns with Brazil in their third and final Group C fixture at Hard Rock Stadium in Miami on Wednesday. The two nations meet almost three decades on from their last World Cup clash in 1998, when the South American giants claimed a 2-1 victory en route to reaching the final.

Scotland’s Path to This Moment

Five days after securing an important 1-0 victory over Haiti in their opening match at the 2026 World Cup, Scotland suffered defeat by the same scoreline against Morocco last Friday in a tight contest decided by a goal scored just 70 seconds in by Ismael Saibari. Head coach Steve Clarke felt that Scotland were unfortunate not to be awarded at least one penalty during a spirited second-half performance. Nevertheless, the 62-year-old was pleased by how his players “showed we can compete against top-10 teams,” even though they failed to register a single shot on target.

What’s at Stake for Scotland

Securing their first-ever win over the mighty Brazil would guarantee a top-two finish in Group C, while a draw would most likely seal a top-three finish and progress to the last 32. Scotland could also reach the knockouts if they lose to Brazil, though they will be keen to avoid a heavy defeat in Miami.

A Lopsided Head-to-Head History

Scotland’s record against Brazil leaves a lot to be desired ahead of Wednesday’s contest, as they have lost six and drawn two of their previous eight international encounters, including three group-stage defeats at the World Cup between 1982 and 1998. They first met in 1974, playing out a goalless draw in West Germany. Since then, Brazil have won all of their World Cup encounters, securing victories in 1982, 1990, and 1998. The Tartan Army has only once secured a positive result against the Seleção — that 0-0 draw in 1974.

Brazil’s Own Path Through the Group

After being held to a 1-1 draw by Morocco in their opening Group C fixture, Brazil secured their first victory at the 2026 World Cup last Saturday by defeating Haiti 3-0, courtesy of a brace from Matheus Cunha and another first-half strike from Vinicius Junior. Head coach Carlo Ancelotti hailed his team’s “complete” performance post-match, and his Seleção side are now in a strong position to secure top spot in Group C. To guarantee advancing as group winners, they simply need to match or better Morocco’s result against Haiti when they take to the pitch against Scotland.

A Warning From History

Despite their strong recent form, Brazil cannot afford to take Wednesday’s match lightly. History serves as a warning, as Brazil’s last three defeats in the group stage at a World Cup have all been suffered on matchday three, including a surprise 1-0 loss against Cameroon in Qatar. As a result, the Seleção cannot afford to take anything for granted when they face a fired-up Scotland outfit on Wednesday.

Team News for Brazil

Ancelotti’s side will be without a key part of their attack in Miami, as Raphinha will be sidelined due to a hamstring injury. The Barcelona winger exited in the 40th minute of Brazil’s most recent match against Haiti. Reports in Spain suggest the setback could be more serious than initially feared. Either way, Raphinha won’t be in action on Wednesday, potentially opening the door for Bournemouth talent Rayan to earn his first World Cup start.

Neymar’s potential return has dominated much of the pre-match buildup. The veteran superstar has been forced to sit out of Brazil’s opening two group games with a calf injury sustained after Ancelotti controversially selected him in his 26-man roster. Neymar, surely competing at his last World Cup, has completed his first full training session ahead of Wednesday’s game and is expected to feature at some point against the Tartan Army, though Ancelotti has confirmed Neymar “will be available” without committing to him starting. Lucas Paquetá is set to continue in the No. 10 role, supporting Vinicius Junior and Cunha in attack, while Danilo, Marquinhos, Gabriel Magalhães, and Douglas Santos are all set to begin in defense behind midfield duo Casemiro and Bruno Guimarães.

Team News for Scotland

Dinamo Zagreb defender Scott McKenna is back in training after missing Scotland’s first two games with a calf injury. Aaron Hickey missed the last match against Morocco and remains a doubt against Brazil. Midfielder Lewis Ferguson is set to start despite being rested from training over the weekend. Kieran Tierney appeared to come off injured against Morocco but has since returned to training and looks set to feature.

Scotland’s predicted lineup: Angus Gunn; Andrew Robertson, Grant Hanley, Jack Hendry, Nathan Patterson; John McGinn, Scott McTominay, Lewis Ferguson, Ryan Christie, Ben Gannon-Doak; Che Adams.

Robertson’s Message to the Tartan Army

Scotland’s supporters, known as the Tartan Army, have been a highlight of this World Cup and have been praised for their passion by locals in Boston, Massachusetts, where the team played their first two group-stage matches. Scotland captain Andrew Robertson is hoping to give them something to celebrate in Miami. “We want to give them something to shout about. We want to give them something to be happy about, and obviously, also if we win the game, then we’ve created history,” he told reporters.

Match Details and How to Watch

The match kicks off at 6 p.m. Eastern Time, 22:00 GMT, at Hard Rock Stadium in Miami Gardens, Florida. In the United States, the match will be broadcast on Universo, FOX, FOX One, the Telemundo App, the Telemundo Network, and Peacock. UK viewers can watch on BBC One and BBC iPlayer.

The Betting Markets and Statistical Models

Stats provider Opta predicted that Brazil has a 68.1% chance of winning in Miami on Wednesday. Their supercomputer saw a 19% chance of a draw and gave Scotland only a 12.9% chance of victory. Opta calculated that Brazil are the eighth most likely team to win the tournament overall.

The Current Group C Standings

Brazil and Morocco both have four points, with the Seleção sitting in top spot by virtue of a better goal difference. Scotland are third on three points, with Haiti fourth. The Caribbean nation were eliminated after losing to Brazil last week.

With Group C set to conclude after Wednesday’s match, the simultaneous fixture between Morocco and Haiti will play a direct role in determining the final group standings alongside the outcome in Miami. Scotland are aiming to reach the knockout stages of a major international tournament for the first time and are guaranteed to finish at least third in the group regardless of Wednesday’s result, but a win or draw against Brazil would significantly strengthen their position heading into the round of 32. For Brazil, a win or draw combined with Morocco failing to beat Haiti would secure top spot in the group outright, while any slip-up against a motivated Scotland side could complicate what has otherwise been a steadily improving tournament for Ancelotti’s squad.