Market Overview

Micron Technology Falls 7 Percent After Q1 Results

Micron Technology (NYSE: MU), a Boise, Idaho-based chipmaker, reported its sixth consecutive quarterly loss on Thursday after the closing bell. On Friday, the stock has lost roughly seven percent to $6.32.

Micron reported a first-quarter net loss attributable to common shareholders of $275 million or $0.27 per share, compared to a loss of $187 million or $0.19 per share, in the year ago period. This was wider than analysts' consensus estimates which called for a loss of $0.20.

Net sales in the period were $1.83 billion compared to sales of $1.96 billion in last year's first-quarter. This also came up light of Wall Street analysts' consensus revenue estimates of $2.01 billion.

Year-to-date, Micron is now roughly flat after Friday's loss.

Posted-In: Earnings News Intraday Update Movers Tech Best of Benzinga

 

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