Micron shares are getting squashed after earnings
The maker of memory chips for computers posted forecasts for earnings that missed analysts' estimates.
Micron said it's expecting revenues for the next quarter of between $3.45 and $3.7 billion, below estimates for $4.16 billion, according to Bloomberg.
Revenues and earnings fell quarter-over quarter. Micron's sales of $3.85 billion missed expectations for $3.9 billion, while adjusted earnings per share came in at $0.43, versus estimates for $0.57.
In pre-market trading on Friday, shares of Micron were down 15%.
In Micron's earnings statement, CEO Mark Durcan wrote (emphasis added,) "In the fiscal third quarter, Micron experienced market headwinds driven primarily by weakness in the PC sector. We remain focused on the long term as we continue to deploy advanced process technology to enable leading-edge products and drive manufacturing efficiency."
David Einhorn's Greenlight Capital owns the largest stake among hedge funders in the company with 33.5 million shares, according to Bloomberg.
Shares are down 31% year-to-date, and 24% over the last 12 months. The company had been one of the hottest stocks of the last couple years, rising more than 450% from the start of 2013 through the end of last year.
Google Finance
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Having an regional accent can be bad for your interviews, especially an Indian one: study
- Dirty laundry? Major clothing companies like Zara and H&M under scrutiny for allegedly fuelling deforestation in Brazil
- 5 Best places to visit near Darjeeling
- Climate change could become main driver of biodiversity decline by mid-century: Study
- RBI initiates transition plan: Small finance banks to ascend to universal banking status