Micron earnings surpass expectations

On June 26, Micron Technology Inc. reported its fiscal third quarter earnings of $332 million, according to a release.

On a per-share basis, the Boise-based company said it had net income of 30 cents. Earnings, adjusted for stock option expense and pretax expenses, were 62 cents per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The chipmaker posted revenue of $6.81 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $6.7 billion.

For the current quarter ending in August, Micron expects its per-share earnings to range from $1 to $1.16.

The company said it expects revenue in the range of $7.4 billion to $7.8 billion for the fiscal fourth quarter, while some analysts estimated the number to be around $7.58 billion and some went as high as $8 billion.

However, on June 27, it was reported that Micron tumbled in pre-market trading when investors were disappointed with earnings. Bloomberg.com reported the decline came from investors were who expecting a larger payoff due to the ongoing “artificial intelligence mania.”

The site reported that shares were down about 6% after a 67% rally for the largest memory chip manufacturer in the U.S.

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