Micron Technology (MU.US) Shares Drop 2.9% as Strong Q4 Results Fail to Impress Market

Stock News10-01 22:32

On Thursday, shares of Micron Technology (MU.US) moved lower, falling 2.9% to $1,033 at the time of writing, as the company's latest earnings report failed to win over the market.

The company reported fourth-quarter revenue of $54.23 billion, beating analysts' expectations of $51.49 billion. Its revenue guidance for the next fiscal quarter came in at approximately $61.5 billion, also above the $56.8 billion analysts had forecast.

Its core data center business generated revenue of $18.0 billion, up about 56% quarter over quarter and roughly 1,042% year over year. With a gross margin of 90%, it was the highest-revenue business unit, accounting for about one-third of total revenue.

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