Micron 1Q Profit Narrows, Misses Wall Street View

FOXBusiness

Micron Technology (NASDAQ:MU) revealed late Wednesday a narrowed first-quarter profit, but its revenue grew sharply on Flash product sales, pushing its shares higher after hours.

The Boise, Idaho-based company posted net income of $155 million, or 15 cents a share, compared with $204 million, or 23 cents a share, in the same quarter last year, missing the  Street’s view of 29 cents.

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Revenue for the chipmaker was $2.3 billion, up about 35% from $1.7 billion a year ago, but narrowly below average analyst estimates polled by Thomson Reuters of $2.38 billion. (The company often unveils its operating results on its conference call.)

Sales took a hit from a decline in Micron’s memory unit due to a decrease in average selling prices for DRAM products, partially offset by slightly higher volumes.

Revenue for sales of NAND Flash products grew slightly in the period ended Dec. 2, helped by a 20% rise in sales, partially offset by a 15% loss due to lower selling prices.

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