Micron Tech's profit decline was narrower than expected, and the stock price rose more than 5% in after-hours trading | Financial Report Insights
Micron Tech reported an adjusted loss per share of $1.43 for the third quarter, compared to analysts' expectations of a loss of $1.59 per share. The company's adjusted revenue for the third quarter was $3.75 billion, surpassing analysts' expectations of $3.69 billion. The operating loss for the third quarter was $1.47 billion, lower than analysts' forecasted loss of $1.69 billion. The adjusted profit margin for the third quarter declined by 16.1%, which was slightly better than analysts' expectation of a 21.1% decline. It is projected that the adjusted revenue for the fourth quarter will be between $3.7 billion and $4.1 billion, while analysts expect it to reach $3.87 billion. The profit margin for the fourth quarter is expected to decline by 8% to 13%, compared to analysts' forecasted decline of 2.79%.
Micron Technology reported an adjusted loss of $1.43 per share for its third fiscal quarter, while analysts had expected a loss of $1.59 per share. The company's adjusted revenue for the third quarter was $3.75 billion, surpassing analysts' expectations of $3.69 billion. Micron's operating loss for the quarter was $1.47 billion, compared to analysts' forecasted loss of $1.69 billion. The adjusted profit margin for the third quarter declined by 16.1%, slightly better than analysts' expectation of a 21.1% decline. It is projected that the adjusted revenue for the fourth quarter will be between $3.7 billion and $4.1 billion, while analysts expect $3.87 billion. The profit margin for the fourth quarter is expected to decline by 8% to 13%, compared to analysts' forecasted decline of 2.79%. Following the announcement, Micron Technology's stock rose by 4.4% in after-hours trading.