Micron slips as mixed guidance overshadows strong Q4 results
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Micron Technology (NASDAQ:MU) shares fell more than 3% in extended-hours trading on Wednesday after the memory maker reported fourth-quarter results that topped estimates but offered mixed guidance.
For the period ending August 31, Micron lost an adjusted $1.07 per share on $4.01B in revenue. A consensus of analysts expected the company to lose $1.18 per share on $3.93B in revenue. 
Adjusted gross margin came in at -9.1% during the period, above the -10.2% that Wall Street had expected.
Cash flow from operations came in at $249M, well below the $1.17B that analysts had anticipated.
Looking ahead, Micron (MU) said it expects first-quarter sales to be between $4.2B and $4.6B, with the mid-point above the $4.21B that analysts had expected. On an adjusted basis, it expects to lose between $1 and $1.14 per share, compared to analyst expectations of an adjusted loss of 96 cents per share.
Micron (MU) also expects adjusted gross margins to be between -2% and -6%, below the 0.66% that analysts were looking for.
On the company's earnings call, Micron (MU) said that it expects capital spending in fiscal 2024 to be "slightly above" that of fiscal 2023 levels, while adding that pricing and profitability should improve throughout the year.
Executives at the Boise, Idaho-based company also said that customer inventory levels have mostly returned to normal, including in the automotive, PC and smartphone areas.

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