Market Updates
Micron Technology's Quarterly Sales Rise 16%, Guidance Disappoints
Scott Peters
01 Jul, 2022
New York City
Micron Technology said revenues in the fiscal 2022 third quarter ending June 2 rose 16% to $8.6 billion from $7.6 billion a year ago.
Net income in the quarter rose to $2.6 billion or $2.34 a share from $2.3 billion or $2.0 a share.
The chipmaker's fourth quarter guidance was substantially weaker than anticipated by analysts.
The company expects fourth quarter revenues of $7.2 billion with a band of $400 million and diluted earnings per share of $1.52 with a 20 cents band and adjusted non-GAAP earnings between $1.43 and $1.83 a share.
Analysts were looking for fourth quarter revenues of at least $9 billion and adjusted earnings of $2.62 a share.
Micro Technology declined 2.7% to $53.78 after investors focused on the fourth quarter guidance and ignored the company's third quarter results.
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