Published: December 20, 2023 at 4:14 PM ET
Shares of Micron Technology rose nearly 5% in after-hours trading Wednesday after the company reported quarterly results that beat analysts’ sales and earnings estimates.
The computer memory and data storage maker reported a net loss of $1.23 billion, or $1.12 per share, for the fiscal first quarter, compared with a net loss of $1.43 billion in the year-ago period. ($1.31 per share). Adjusted earnings were a loss of 95 cents per share.
Revenue…
Micron Technology Co., Ltd. shares Shares rose nearly 5% in after-hours trading Wednesday after the company reported quarterly results that beat analysts’ sales and earnings estimates.
The computer memory and data storage maker reported a net loss of $1.23 billion, or $1.12 per share, for the fiscal first quarter, compared with a net loss of $1.43 billion in the year-ago period. ($1.31 per share). Adjusted earnings were a loss of 95 cents per share.
Sales improved to $4.73 billion from $4.0 billion in the same period last year.
Analysts surveyed by FactSet had expected a net loss of $1.01 per share on revenue of $4.58 billion, on average.
“Micron’s strong execution and pricing led to first-quarter results that exceeded expectations,” Sanjay Mehrotra, CEO of Micron, said in a statement announcing the results.
Micron expects second-quarter sales of about $5.3 billion, while FactSet analysts expected sales of $4.97 billion.
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