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Reminiscence-chip maker Micron Expertise (MU) late Thursday missed Wall Avenue’s already lowered expectations for gross sales in its fiscal fourth quarter and guided a lot decrease for the present quarter. MU inventory fell in prolonged buying and selling.
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The Boise, Idaho-based firm earned an adjusted $1.45 a share on gross sales of $6.64 billion within the quarter ended Sept. 1. Analysts polled by FactSet had predicted Micron earnings of $1.37 a share on gross sales of $6.73 billion. Within the year-earlier interval, Micron earned $2.42 a share on gross sales of $8.27 billion.
In after-hours buying and selling on the inventory market right now, MU inventory dropped 1.4% to 49.32. In the course of the common session Thursday, MU inventory fell 1.9% to shut at 50.01.
MU inventory has crashed amid indicators that the memory-chip market has entered a cyclical downturn. Micron hit a document excessive of 98.45 on Jan. 5.
Earnings report particulars to comply with.
MU Inventory Has Subpar Composite Ranking
On Aug. 9, Micron warned of weakening demand within the memory-chip market and mentioned its fiscal fourth-quarter gross sales may very well be on the low finish or under its goal vary. The corporate mentioned the “difficult market surroundings” is more likely to persist in its fiscal first quarter as properly.
MU inventory ranks fifth out of 10 shares in IBD’s Pc-Information Storage business group, in keeping with IBD Inventory Checkup. It has a subpar IBD Composite Ranking of 45 out of 99.
Observe Patrick Seitz on Twitter at @IBD_PSeitz for extra tales on shopper expertise, software program and semiconductor shares.
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