Micron Technology Ticks Lower on Q1 Earnings Miss

Shares of Micron Technology (NASDAQ: MU) are trading lower in the after-hours following the release of the company's Q1 earnings results. Currently, shares are lower by 1.26%, trading at $5.47; they ended the regular session lower by 4.32%, at $5.54. Micron Technology reported Q1 EPS of ($0.19) on revenues of $2.09 billion; the Street was looking for ($0.10) per share on revenues of $2.12 billion. Revenues increased 20.9% year over year.The company's consolidated gross margin remained at 15 percent for the first quarter of fiscal 2012. Improvements in NAND Flash margins were offset by declines in DRAM. Revenue from sales of NAND Flash products was 6 percent higher in the first quarter of fiscal 2012 compared to the fourth quarter of fiscal 2011 due to an 18 percent increase in sales volume partially offset by a 10 percent decrease in average selling prices.Micron Technology, Inc. is a manufacturer and marketer of semiconductor devices, principally dynamic random access memory, Nandi Flash memory, NAND Flash and NOR Flash memory, as well as other innovative memory technologies, packaging solutions and semiconductor systems for use in leading-edge computing, consumer, networking, embedded and mobile products.