Micron's results came in better than expected Wednesday as the memory-chip maker reported revenue in the extended session that topped Wall Street estimates.
Micron Technology Inc.’s results came in better than expected Wednesday as the memory-chip maker reported revenue in the extended session that topped Wall Street estimates, but its bottom-line forecast fell below consensus.
For the fiscal fourth quarter, Micron reported a loss of $1.43 billion, or $1.31 a share, versus net income of $1.49 billion, or $1.35 a share, in the year-ago period. The adjusted loss, which excludes stock-based-compensation expenses and other items, was $1.07 a share, versus adjusted earnings of $1.45 a share in the year-ago period.Analysts surveyed by FactSet forecast Micron to report a fourth-quarter loss of $1.15 a share on revenue of $3.95 billion.
“During fiscal 2023, amid a challenging environment for the memory and storage industry, Micron sustained technology leadership, launched a significant number of leading-edge products, and took decisive actions on supply and cost,” Sanjay Mehrotra, Micron’s chief executive, said in a statement.
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