Micron Technology pops as Q3 loss beats estimates
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Micron Technology (NASDAQ:MU) shares rose more than 4% in extended-hours trading after the memory chip maker reported a third-quarter loss that wasn't as bad as feared. 
For the period ending June 1, Micron (MU) lost an adjusted $1.43 per share as revenue came in at $3.75B. 
Breaking it down by segment, Micron (MU) said it generated $1.389B from its Compute and Networking unit, while Embedded accounted for $912M in sales. Mobile and Storage accounted for $819M and $627M, respectively. 
Additionally, the company said its adjusted gross margin during the period was 16.1%, well above the negative 21.1% that investors were anticipating.
A consensus of analysts expected the company to lose $1.57 per share on $3.68B in revenue.
Looking ahead, Micron (MU) said it expects to lose between $1.12 and $1.26 per share on an adjusted basis, with revenue forecast to be between $3.7B and $4.1B. It also expects its adjusted gross margin to be between negative 8% and 13%.
Analysts were looking for Micron to lose $1.10 per share on an adjusted basis, with $3.87B in sales.
Micron (MU) also pointed out that the recent decision by the Cyberspace Administration of China is a "significant headwind" that is impacting the company's outlook and could slow its recovery.
In addition, Micron (MU) said on Wednesday that it had signed a memorandum of understanding with the Indian government to build the semiconductor facility it announced earlier this month.
The company will host a conference call at 4:30 p.m. EST to discuss the results.
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