Micron's Profit Drops 39%, Hurt By Sluggish Demand For Computers
Micron’s profit took a nosedive in its latest quarter, falling 39%, hurt by sluggish demand for computers and lower selling prices.
“In the fiscal third quarter, Micron experienced market headwinds driven primarily by weakness in the PC sector,” said CEO D. Mark Durcan in a statement.
The Boise, Idaho-based company is known for its memory chips — including DRAM, NAND and NOR Flash – that are used in an array of electronics including computers, smartphones, tablets and cameras.
Net income fell to $491 million, or 42 cents per share, from $806 million, or 68 cents per share, a year earlier. Excluding one-time items, earnings per share came in at 54 cents, under the 56 cents analysts were looking for.
Revenue slid 3% to $3.85 billion, also missing analyst estimates of $3.9 billion.
Micron’s profit took a nosedive in its latest quarter, falling 39%, hurt by sluggish demand for computers and lower selling prices.
“In the fiscal third quarter, Micron experienced market headwinds driven primarily by weakness in the PC sector,” said CEO D. Mark Durcan in a statement.
The Boise, Idaho-based company is known for its memory chips — including DRAM, NAND and NOR Flash – that are used in an array of electronics including computers, smartphones, tablets and cameras.
Net income fell to $491 million, or 42 cents per share, from $806 million, or 68 cents per share, a year earlier. Excluding one-time items, earnings per share came in at 54 cents, under the 56 cents analysts were looking for.
Revenue slid 3% to $3.85 billion, also missing analyst estimates of $3.9 billion.
Shares of Micron, which are down 25% over the last 12 months, fell more than 7% to $22.15 in after-hours trading.
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