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

BOISE, Idaho – 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.

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.

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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

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Keywords: Micron, Earnings Report