Micron Technology Stock Falling On Q1 Revenue Miss

Micron Technology Inc (MU – Analyst Report) just released their first quarter fiscal 2016 earnings results, posting an earnings beat of $0.01 and a revenue miss of -$.171 billion.

Currently, Micron Technology has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.

Micron Technology:

Beat earnings estimates. The company posted $0.24, beating our Zacks Consensus Estimate of $0.23.

Missed revenue estimates. The company saw revenue figures of $3.35 billion, missing our estimate of $3.521 billion.

Net Income fell to $206 million.

Up to Tuesday’s close, Micron’s shares had fallen about 58% this year.

MU was down $0.61, or 4.18%, to $14.00 as of 4:45 PM ET in after hours trading shortly after its earnings report was released.

Here’s a graph that looks at Micron’s actual EPS reported and what was estimated:

Micron Technology Inc. (MU – Analyst Report) EPS BNRI & Surprise Percent – Last 5 Quarters | FindTheCompany

Micron Technology is one of the leading worldwide providers of semiconductor memory solutions. The company’s quality memory solutions serve customers in a variety of industries including computer and computer-peripheral manufacturing, consumer electronics, CAD/CAM, telecommunications, office automation, network and data processing, and graphics display. Micron Technology was founded in 1978 and is headquartered in Boise, Idaho.