Micron shares drop 7% despite beating analyst expectations, with lower forecast for current quarter.

From CNBC: 2024-06-26 18:51:00

Micron Technology’s shares dropped 7% in extended trading despite beating analyst expectations for the fiscal third quarter. The company reported earnings per share of 62 cents and revenue of $6.81 billion, with a forecast of $1.08 EPS and $7.6 billion revenue for the current quarter. Micron’s AI business is thriving, buoyed by demand for memory for AI GPUs like Nvidia’s. CEO Sanjay Mehrotra emphasized AI growth and tight market conditions in a call with analysts.



Read more at CNBC:: Micron shares slide after revenue forecast fails to top estimates