Micron Technology 2nd-qtr profit and revenue surpass estimates, but shares slip aftermarket

MarketsAssociated Press

Micron Technology Inc. said Wednesday that its net income rose 28 percent in its fiscal second quarter as its sales picked up.

Micron Technology said its net income totaled $934 million, or 78 cents per share, in the three months that ended on March 5.

Continue Reading Below

The Boise, Idaho-based company said it earned 81 cents per share when excluding one-time charges.

Analysts expected net income of 14 cents per share, according to Zacks Investment Research.

Revenue grew 1 percent to $4.17 billon. Analysts predicted $4.16 billion, according to Zacks.

However the company's shares slipped 58 cents, or 2.1 percent, to $26.55 in aftermarket trading.

Micron Technology stock has dropped 23 percent in 2015 while the Standard & Poor's 500 index has stayed nearly flat. Over the last 12 months, the stock has risen 11 percent.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MU at http://www.zacks.com/ap/MU

_____

Keywords: Micron, Earnings Report