Micron Technology Inc. Q1 Rev Slightly Short Of Views

Micron Technology, Inc., MU fell sharply in Tuesday's extended session, although the company posted fiscal first-quarter earnings above expectations. The Boise, Idaho chip maker's revenue, however, was 1 percent below the Wall Street consensus. Micron, which didn't immediately offer an outlook, changed hands recently at $31.01 a share, down about 5.5 percent. Earnings jumped to $1 billion, or $0.84 cents a share, from $358 million, or $0.30 cents a share a year earlier, while revenue grew 13 percent to $4.57 billion from $4.04 billion last year. Adjusted earnings equaled $0.97 a share, versus $0.82 cents a share last year. Wall Street expected earnings of $0.92 cents a share, on revenue of $4.62 billion.