By Yasin Ebrahim
Investing.com -- Micron reported Tuesday fiscal second-quarter results that fell short of Wall Street estimates as demand was hurt by weakness in its PC and cloud end markets.
Micron Technology (NASDAQ:MU) shares rose about 1% in after-hours trading following the report.
Micron announced a loss o $1.91 a share on revenue of $3.69 billion. Analysts polled by Investing.com anticipated a loss of $0.66 a share on revenue of $3.74B.
The backdrop for chipmakers including Micron has been tough as weakness in PC, cloud and other end markets hurt demand at a time when inventories continued to be elevated.
Looking ahead, however, the company said "customer inventories are getting better, and we expect gradual improvements to the industry's supply-demand balance."
For the fiscal third quarter, Micron sees a loss in a range of $1.51 to $1.65 on revenue of $3.70B, give or take 200M. Wall Street consensus had called for a loss of $0.92 on revenue of $3.8B.