Micron Technology Misses Q3 Views

Micron Technology, Inc. MU reported weaker-than-expected results for its fiscal third quarter on Thursday. The Boise, Idaho-based company posted quarterly net income of $491 million, or $0.42 per share, versus $806 million, or $0.68 per share, in the year-ago quarter. On a non-GAAP basis, the company's net income came in at $0.54 per share. Its revenue for the third quarter slipped 3 percent year-over-year to $3.85 billion. However, analysts were expecting earnings of $0.56 per share on revenue of $3.90 billion. The average estimate among 123 Estimize users was for earnings of $0.64 per share and revenue of $3.98 billion. DRAM average selling prices dropped 10 percent in the quarter, while DRAM sales volume came in relatively flat. Cash flows from operations totaled $1.34 billion for the quarter. Micron ended the quarter with cash and marketable investments of $7.33 billion. "In the fiscal third quarter, Micron experienced market headwinds driven primarily by weakness in the PC sector," stated D. Mark Durcan, Chief Executive Officer. "We remain focused on the long term as we continue to deploy advanced process technology to enable leading-edge products and drive manufacturing efficiency." Micron shares rose 1.50 percent to $24.38 in the after-hours trading session.