Micron shares down 5.5% premarket (Il Sole 24 Ore Radiocor) - New York, 27 Jun - Shares in Micron Technology slumped x% in premarket trading after the chip maker failed to go beyond expectations in its revenue outlook.

Micron, which produces computer memory and storage, said it expected revenue in the current quarter to be 7.6 billion dollars, plus or minus 200 million, and adjusted earnings per share of 1.08 dollars, plus or minus 0.08 dollars. That compared to EPS estimates of 1.05 dollars and revenue of 7.6 billion.

Micron is one of the few providers of high-bandwidth memory chips used in AI systems and many investors were hoping the AI frenzy could push guidance further out.

In the company's third quarter Micron reported net income of 332 million dollars, or 0.30 dollars per share, in its third quarter compared to a net loss of 1.9 billion, or 1.73 per share, in the same period a year ago.

Revenue in the period was 6.81 billion dollars compared to 3.75 billion a year ago.

At 1223 GMT Micron shares were down 5.5%.

AAA-Sje

(RADIOCOR) 27-06-24 14:33:09 (0443) 5 NNNN