Micron Earnings Due Sept. 30 With 2027 Outlook Seen as Key to South Korea Stocks in October

June-August results from a bellwether for memory-chip earnings

Guidance that meets market expectations is the key

Micron Technology Inc. is due to report earnings on Sept. 30, and brokerages say the company’s outlook for next year could help determine the tone for South Korean equities heading into year-end.

Micron will release results for its fiscal 2026 fourth quarter, covering June through August, after the South Korean market closes on Oct. 1 Korea time, according to the financial investment industry. Because its fiscal calendar differs from that of Korean chipmakers and it reports about a month earlier, the company is viewed as a bellwether for memory-chip earnings.

With a strong quarter already expected, investors are focusing less on the results themselves than on whether Micron can meet the market’s elevated expectations. The company previously guided for quarterly revenue of $50.4 billion to $51.0 billion and earnings per share of $31.2 to $31.4.

Market expectations have risen to about $52.0 billion in revenue and $32.5 to $33.0 in EPS. The key questions are whether next-quarter revenue guidance will top the market estimate of $56.9 billion and whether gross margin can hold at 86%.

A boom in artificial intelligence data centers has prolonged shortages and price increases for memory chips including DRAM and NAND flash, making it likely that steep revenue growth continued this quarter.

In the previous quarter, Micron’s DRAM shipment growth was limited, but DRAM revenue jumped 67% as average selling prices climbed more than 60%.

Rising demand for high-bandwidth memory, or HBM, which carries higher operating margins, also likely boosted Micron’s performance. If this earnings release confirms higher shipments or new customer wins, that would signal the shift from fifth-generation HBM3E to sixth-generation HBM4 is happening faster than expected.

According to market research firms and brokerages, Micron’s HBM output for this year is effectively sold out, with major customers continuing to place advance orders.

If Micron issues stronger-than-expected guidance, that is also expected to bolster gains in shares of Samsung Electronics Co. and SK Hynix Inc.

Even so, local brokerages have become more cautious on the two South Korean chipmakers because of the exchange rate. Consensus estimates for Samsung Electronics’ third-quarter operating profit have been revised down about 2.5% over the past month to 11.028 trillion won from 11.311 trillion won. Net profit forecasts have also been cut 6.5%.

For SK Hynix, third-quarter operating profit estimates were lowered 0.9% from a month earlier to 7.880 trillion won.

Lee Su-rim, an analyst at DS Investment & Securities, said both companies are expected to post third-quarter results below consensus. He attributed that mainly to the exchange rate, which has fallen about 11% from the end of the second quarter.

With market expectations for third-quarter earnings already lowered by the weaker exchange rate, broader HBM4 sales contributions in the fourth quarter are likely to drive an earnings recovery, Lee said. He added that average selling prices for HBM next year are also likely to rise further.

Han Ji-young, an analyst at Kiwoom Securities, said the Kospi has fallen recently but has not broken from a broader path marked by resilience to high interest rates, renewed leadership from AI-related stocks and a higher floor for the market. With Micron earnings and U.S. economic data still ahead as potential catalysts, responding to future volatility by selling stocks offers limited benefit, he added.

Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com