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Micron: Fiscal 1Q Earnings Snapshot

December 18, 2018

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MU at https://www.zacks.com/ap/MU

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