Micron Technology Crushed After Earnings; Down 12%

Micron Technology MU released its fiscal third quarter earnings results after the closing bell on Thursday. The company reported net income attributable to the company fell to $75 million or $0.07 per share, compared to $939 million or $0.92 per share, in the year ago quarter. This missed analysts' consensus EPS estimates of $0.16 by a wide margin. Net sales for the quarter fell to $2.139 billion compared to $2.288 billion in last year's third quarter. This also came in below Wall Street estimates of $2.37 billion. In after hours trading, MU shares have lost around 12% to $7.43.