Micron Quarterly Revenue Outlook Misses Street

Memory chipmaker Micron Technology (NASDAQ:MU) on Tuesday posted higher fiscal first-quarter results but gave a quarterly revenue forecast that missed Wall Street's expectations, sending its shares sharply lower.

Micron said in a statement its revenue rose 13 percent to $4.57 billion in the first quarter, which ended on Dec 4.

But for the upcoming fiscal second quarter, Micron said it expects revenue between $4.1 billion and $4.3 billion.

Analysts on average expected revenue of $4.614 billion for the first quarter and $4.528 billion for the second quarter, according to Thomson Reuters I/B/E/S.

Micron posted a net profit in the first quarter of $1 billion, or 84 cents per share, compared with a net profit of $358 million, or 30 cents per share, in the same quarter a year earlier.

Excluding items, Micron earned 97 cents per share in the quarter. Analysts on average expected 92 cents per share.

Shares of Micron were down 6 percent in extended trade after closing down 2.68 percent at $32.87 on Nasdaq.

(Reporting by Noel Randewich; Editing by Diane Craft and Meredith Mazzilli)