U.S. Micron Falls Short Of Market Outlook On Earnings Expectations13% after-hours stock ↓

U.S. memory chip company Micron Technology reported revenue of $8.7 billion and earnings per share of $1.79 in the first quarter of fiscal 2025.

Revenue and earnings per share beat Wall Street estimates of $8.68 billion and $1.73 respectively, compiled by market research firm LSEG.

Micron forecast Q2 revenue of $7.9 billion and earnings per share excluding certain items of $1.53.

Revenue is well below Wall Street's forecast of $8.99 billion and earnings per share is also well below the market forecast of $1.92.

Micron shares, which closed 4.33% lower in the New York Stock Exchange regular session on the second-quarter earnings report below market forecasts, also plunged more than 13% in after-hours trading after the earnings report.