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Micron Technology’s (MU) revenue forecast was below analyst expectations. Shares fell in Wednesday extended trading.
Visible Alpha’s consensus analyst estimate of $8.93bn for the second quarter was below what Nvidia, a partner of itss, had projected. Also, the company forecast diluted earnings (EPS) between $1.16 and $1.36. This was below expectations.
“While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year," Micron CEO Sanjay Mehrotra said in a release.
In its fiscal first quarter, which ended Nov. 28, Micron swung to a better-than-expected profit of $1.87 billion, or $1.67 per share, from a loss of $1.23 billion, or $1.12 per share, a year earlier. Revenue rose 84% to a record $8.71 billion, just below analysts' estimates and just above the midpoint of management's earlier guidance.
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