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Micron
Technology posted better-than- expected results for its November quarter, sending the stock higher in after-hours trading Wednesday.
The semiconductor company reported an adjusted loss of 95 cents a share for its fiscal first quarter, compared with the consensus call for a loss of $1.01 among analysts tracked by FactSet. Revenue came in at $4.73 billion for the period, which was slightly above analysts’ expectations for $4.58 billion.
For the current quarter,
Micron
offered a revenue forecast of $5.3 billion at the midpoint of its range, which was also above the consensus of $4.97 billion.
“Micron’s strong execution and pricing drove better-than-anticipated first quarter financial results,” Micron Technology CEO Sanjay Mehrotra said in the news release. “We expect our business fundamentals to improve throughout 2024.”
Micron shares initially rose as much as 3.6% in late trading Wednesday following the results.
The company is a leader in the semiconductor markets for dynamic random-access memory, which is used in desktop computers and servers, and for flash memory, which is found in smartphones and solid-state hard drives.
Write to Tae Kim at tae.kim@barrons.com
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