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Micronactier Tumble on results for mixed results

Micron Technology Inc. (MU) share fell in aftermarket trading on Tuesday after the chip maker hit profit expectations but missed earnings in its first quarter report in 2019. The stock was down almost 8% to $ 31.45 after trading after have risen 0.68% in Thursday's regular trading session. Micron reported an adjusted earnings per share of $ 2.97 and hit Wall Street expectations of $ 2.95. The adjusted net profit amounted to $ 3.51 billion. Total revenue came in at $ 7.91 billion, but estimates of $ 8 billion were missing. On its earnings announcement with investors, Chief Executive Officer Sanjay Mehrotra added the lower revenue to "stock adjustments" of data center customers. The company also issued weaker than expected guidance for the second quarter of 201 9. "Despite the weak supply industry's demand for dynamics into the 2019 calendar, Micron is well positioned to deliver good profitability throughout the year," Mehrotra said in a statement. "We are still keen on the long-term secular growth trends that drive the memory and storage industry." Micron shares are 17% lower than hitherto. Save 66% with our "12 days of holiday offers" sales. Join Jim Cramers Action Alerts PLUS Club for Investors and get our best offer year. Click here for details or register.

Micron Technology Inc. (MU) share fell in aftermarket trading on Tuesday after the chip maker hit profit expectations but missed earnings in its first quarter report in 2019.

The stock was down almost 8% to $ 31.45 after trading after have risen 0.68% in Thursday’s regular trading session.

Micron reported an adjusted earnings per share of $ 2.97 and hit Wall Street expectations of $ 2.95. The adjusted net profit amounted to $ 3.51 billion. Total revenue came in at $ 7.91 billion, but estimates of $ 8 billion were missing.

On its earnings announcement with investors, Chief Executive Officer Sanjay Mehrotra added the lower revenue to “stock adjustments” of data center customers. The company also issued weaker than expected guidance for the second quarter of 201

9.

“Despite the weak supply industry’s demand for dynamics into the 2019 calendar, Micron is well positioned to deliver good profitability throughout the year,” Mehrotra said in a statement. “We are still keen on the long-term secular growth trends that drive the memory and storage industry.”

Micron shares are 17% lower than hitherto.

Save 66% with our “12 days of holiday offers” sales. Join Jim Cramers Action Alerts PLUS Club for Investors and get our best offer year. Click here for details or register.

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