Micron Technology Inc (NASDAQ:MU) shares are trading lower in Thursday's after-hours session after the company reported financial results and issued guidance well below analyst estimates.
Micron reported fiscal third-quarter revenue of $8.64 billion, which was in line with analyst estimates, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $2.59 per share, which beat the estimate of $2.44 per share.
"Recently, the industry demand environment has weakened, and we are taking action to moderate our supply growth in fiscal 2023," said Sanjay Mehrotra, president and CEO of Micron.
Micron said it expects fiscal fourth-quarter revenue to be between $6.8 billion and $7.6 billion versus the estimate of $9.05 billion. The company expects quarterly earnings to be between $1.43 and $1.83 per share versus the estimate of $2.62 per share.
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MU Price Action: Micron has a 52-week high of $98.45 and a 52-week low of $53.60.
The stock was down 4.67% in after hours at $52.70 at press time.
Photo: courtesy of Micron.
