In this article MU Follow your favorite stocks CREATE FREE ACCOUNT Sanjay Mehrota, Micron Technology President & CEO at the WEF in Davos, Switzerland on May 24th, 2022. Adam Galica | CNBC Micron shares fell about 3% in extended trading on Wednesday as investors looked past better-than-expected results and focused instead on a revenue forecast that was in line with estimates. Here's how the company did versus LSEG consensus estimates for the fiscal third quarter ended May 30: Earnings per share : 62 cents adjusted vs.
51 cents expected Revenue : $6.81 billion vs. $6.
67 billion expected Micron, which makes computer memory and storage, said it expects adjusted earnings per share of $1.08 on revenue of $7.6 billion in the current quarter.
Analysts were expecting earnings per share of $1.05 on revenue of $7.6 billion.
The shares have more than doubled in the past year as the company rides the artificial intelligence boom. Micron's most advanced memory is needed for AI graphics processing units (GPUs) like Nvidia's , putting the company in position to benefit from demand for technology to train and deploy AI applications like OpenAI's ChatGPT. Micron reported $332 million in net income, or 30 cents per share, versus a net loss of $1.
9 billion, or $1.73 per share, in the year-ago quarter. Micron CEO Sanjay Mehrotra highlighted the company's AI business in a statement while saying that its smartphone and PC markets remain sluggish.
Mehrotra said the company's AI-oriented products wer.
