Investing.com - Micron reported Wednesday better-than-feared fiscal fourth-quarter results, but a mixed picture on the outlook for the first quarter amid a challenging backdrop as the chip supply glut continued to keep a lid on demand.
Micron Technology Inc (NASDAQ:MU) fell more than 3% in after-hours trade following the report.
Micron reported an adjusted loss of $1.07 a share on revenue of $4.01 billion. Analysts polled by Investing.com anticipated an adjusted loss of $1.15 a share on revenue of $3.93B
Gross margins slipped to negative 10.8% from 39.5% a year earlier following a nearly 40% slip in revenue amid weaker demand as companies work through an oversupply of chips build up during the pandemic.
For the fiscal first quarter, the company guided for a loss in a range of $1 to $1.14 a share versus consensus for a loss of $0.92 a share, and revenue of $4.2B to $4.6B versus consensus of $4.22B.