Investing com– Micron Technology Inc (NASDAQ: MU) shares dropped 14% in prolonged trading on Wednesday after the chipmaker provided second-quarter support well listed below Wall Street assumptions.
The business anticipated modified incomes of $1.33 to $1.53 per share, missing out on experts’ agreement price quote of $1.97.
Revenue for the 2nd quarter is anticipated to be $7.90 billion, plus or minus $200 million, substantially except the $8.97 billion approximated by experts.
Micron additionally flagged a weaker-than-expected overview for second-quarter little bit deliveries, including in financier issues.
“While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year.” CEO said in the statement.
“We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders.”
For the documented quarter Micron Technology per share earnings was $1.79, 6 cents much better than the expert price quote of $1.73.
Revenue of the business, which is additionally a Nvidia (NASDAQ: NVDA) vendor, for the very first quarter was available in at $8.71 billion, in advance of the agreement price quote of $8.68 billion.
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