Micron: Fiscal 1Q Earnings Snapshot
BOISE, Idaho (AP) _ Micron Technology Inc. (MU) on Tuesday reported fiscal first-quarter earnings of $3.29 billion.
On a per-share basis, the Boise, Idaho-based company said it had profit of $2.81. Earnings, adjusted for pretax expenses and stock option expense, were $2.97 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.93 per share.
The chipmaker posted revenue of $7.91 billion in the period, which fell short of Street forecasts. Seven analysts surveyed by Zacks expected $8.01 billion.
Micron shares have dropped 17 percent since the beginning of the year, while the Standard & Poor’s 500 index has decreased roughly 5 percent. In the final minutes of trading on Tuesday, shares hit $34.11, a decline of 22 percent in the last 12 months.