Micron Technology: cautious outlook offsets solid results
(CercleFinance.com) - Memory chip maker Micron Technology posted better-than-expected second-quarter results, but the group's outlook failed to cheer investors, resulting in a 2% fall in the share price.
The Boise, Idaho based company reported a net profit of 3.3 billion dollars, or 2.67 dollars per share, in the quarter ended 28 February, compared with net profit of 894 million dollars, or 77 cents, a year earlier.
Revenue rose 58% to 7.35 billion dollars, while on average analysts expected revenue of 7.2 billion dollars.
"Micron Technology reported and guided solid results, but perhaps not strong enough relative to lofty expectations," Credit Suisse commented after the report.
The broker thinks that the company's outlook looks "conservative" relative to recent market trends.
Micron shares were down 4.9% in early morning trading on Wall Street today.
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