Micron drops after posting mixed Q3 results, weak guidance
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Micron Technology (NASDAQ:MU) shares dipped after the semiconductor company posted third-quarter results that beat estimates and issued guidance that was below Wall Street forecasts.
For the period ending June 2, Micron (MU) earned an adjusted $2.59 on $8.64B in revenue. A consensus of analysts was expecting the company to earn $2.45 per share on $8.66B in revenue.
Cash flow from operations during the quarter came in at $3.84B, compared to estimates of $4.42B.
Chief Executive Sanjay Mehrotra said the industry demand had weakened "recently" and the company would take actions to moderate supply growth in fiscal 2023.
"We are confident about the long-term secular demand for memory and storage and are well positioned to deliver strong cross-cycle financial performance," Mehrotra explained.
Micron (MU) shares, which had been down as much as 8% after the results, pared losses and were down 2.5% in recent trading.
Looking ahead, Micron (MU) anticipates fourth-quarter revenue to be between $6.8B and $7.6B, with adjusted earnings per share between $1.43 and $1.83 per share.
Analysts were expecting Micron (MU) to generate $9.05B in revenue and adjusted earnings of $2.62 per share.
Micron (MU) will hold a conference call at 4:30 p.m. EST to discuss the results.
On Tuesday, investment firm Barclays said weak pricing in both the dynamic random access memory and NAND markets could cause Micron (MU) to miss third-quarter estimates and provide weak guidance.