Micron: Fiscal Q3 Earnings Snapshot

June 30, 2022 GMT

BOISE, Idaho (AP) _ Micron Technology Inc. (MU) on Thursday reported fiscal third-quarter earnings of $2.63 billion.

On a per-share basis, the Boise, Idaho-based company said it had profit of $2.34. Earnings, adjusted for pretax expenses and stock option expense, came to $2.59 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.44 per share.

The chipmaker posted revenue of $8.64 billion in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $8.66 billion.

For the current quarter ending in August, Micron expects its per-share earnings to range from $1.43 to $1.83. Analysts surveyed by Zacks had forecast adjusted earnings per share of $2.71.

The company said it expects revenue in the range of $6.8 billion to $7.6 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $9.29 billion.

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