Shares of Micron Technology slumped in aftermarket trading Thursday after the chipmaker said the weak PC market hurt its business in its fiscal third quarter.
The company said prices for dynamic random-access memory, or DRAM, fell compared to the previous three months. Compared to a year ago its net income fell by almost half, dropping to $491 million, or 42 cents per share. The Boise, Idaho-based company said it earned 54 cents per share if one-time items are excluded. Its revenue fell 3 percent to $3.85 billion.
Analysts had forecast a profit of 57 cents per share in the latest quarter on $3.94 billion in revenue, according to Zacks Investment Research. The company's fiscal third quarter ended on June 4.
Micron Technology Inc. shares sank $2.84, or 12 percent, to $21.18 in aftermarket trading.
The company's shares have slumped 31 percent in 2015. The stock climbed 61 percent in 2014 but has given up most of its gains from that year and is trading around its lowest prices since April 2014.
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