Micron Tech Q3 Rev Slides 3% From Q2; Shares Close Down
Shares of Micron Technology (NASDAQ: MU) lost nearly two percent after the company said fiscal third-quarter revenue dipped three percent from the second quarter.
The company posted net earnings of $806 million or $0.68 per share, compared with year-earlier earnings of $43 million, or $0.04 per share. Net earnings for the recent second period were $731 million, or $0.61 per share.
Revenue grew to $3.98 billion from $2.3 billion a year earlier, but were down from $4.11 billion in the period ended February 2014.
Excluding items, earnings were $913 million or $0.79 per share. Analysts expected $0.70 per share.
Gross margin of 34 percent was flat with the second period as average prices fell related to product mix, offset by declining manufacturing costs.
Micron closed at $31.26, down 1.85 percent; But after hours it changed hands at $31.45 recently, up 0.61 percent.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.