Memory-chip maker Micron Technology (MU) late Wednesday handily beat Wall Street’s targets for its fiscal third quarter. But it disappointed investors with its in-line guidance for the current quarter. Micron stock fell in extended trading.
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The Boise, Idaho-based company earned an adjusted 62 cents a share on sales of $6.81 billion in the quarter ended May 30. Analysts polled by FactSet had expected Micron to earn 48 cents a share on sales of $6.67 billion. In the year-earlier period, Micron lost an adjusted $1.43 a share on sales of $3.75 billion.
In after-hours trading on the stock market today, Micron stock tumbled 7.5% to 131.75. During the regular session Wednesday, Micron stock climbed 0.9% to close at 142.36. MU stock hit an all-time high of 157.54 on June 18.
Micron stock has surged to record heights this year amid a cyclical upturn in memory-chip sales. The company also is benefiting from sales of high-bandwidth memory devices to data centers running artificial intelligence applications.
On May 20, Micron stock hit a buy point of 130.54 out of a cup base, according to IBD MarketSurge charts. But it ended the day below that buy point at 129. Micron stock returned to the 5% buy zone days later.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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