Micron Technology (MU) stock fell more than 5% out of the gate Thursday as the memory chipmaker's disappointing fiscal fourth-quarter revenue outlook overshadows its fiscal third-quarter top- and bottom-line beats.
In the quarter ended May 30, Micron's revenue surged 81.5% year-over-year to $6.8 billion, driven by "robust AI-driven demand for data center products." Its earnings per share (EPS) came in at 62 cents compared with a loss of $1.43 in the year-ago period.
