Micron quarterly sales come up short of analyst expectations

Micron Technology Inc.

MU, +0.68%

reported quarterly sales Tuesday afternoon that failed to satisfy expectations that have been already diminished by a slowdown in the memory-chip business. Shares dropped about 1% in after-hours buying and selling instantly following the report. Micron reported revenue of $3.29 billion, or $2.81 a share, on income of $7.91 billion, up from $6.8 billion a 12 months in the past. After changes for stock compensation and different results, the chip maker reported earnings of $2.97 a share, up from $2.45 a share a 12 months in the past. Analysts on common had anticipated adjusted earnings of $2.95 a share on income of $8 billion. “Despite weak near-term industry supply-demand dynamics entering calendar 2019, Micron is well-positioned to deliver healthy profitability throughout the year,” Chief Executive Sanjay Mehrotra stated in Tuesday’s announcement. “We remain bullish on the long-term secular growth trends driving the memory and storage industry.” Micron didn’t present a forecast for the present quarter in its information launch however is predicted to provide that data on a convention name later. Micron’s stock gained 0.7% in Tuesday’s common session however has declined 17.1% thus far this 12 months, because the S&P 500 index

SPX, +0.01%

has dropped 4.8%.

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