Micron Technology Q4 Profit Down

Micron Technology, Inc. (MU) Thursday reported fourth-quarter net income of $1.49 billion or $1.35 per share, down from $2.72 billion or $2.39 per share last year.

On an adjusted basis, earnings were $1.62 billion or $1.45 per share, compared to $2.79 billion or $2.42 per share last year.

Revenues for the fourth quarter dropped to $6.64 billion from $8.27 billion last year.

Analysts polled by Thomson Reuters expected earnings of $1.30 per share and revenue of $6.68 billion.

Looking forward to the first quarter of 2023, the company expects revenues of $4.25 billion, plus or minus $250 million, and earnings to be between a loss of $0.09 and profit of $0.10 per share, and adjusted earnings of $0.04 and $0.10 per share. Analysts currently estimate earnings of $0.64 per share and revenues of $5.62 billion.

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