Company news: Micron (MU) posts wider-than-expected quarterly loss

Micron (MU) reported Q1 FY2023 loss of $0.04 per share (versus earnings of $2.16 per share in Q1 FY2022), worse than analysts’ consensus estimate of -$0.02 per share.

The company’s quarterly revenues amounted to $4.085 bln (-46.9% y/y), missing analysts’ consensus estimate of $4.143 bln.

The company also issued guidance for Q2 FY2023, seeing EPS of $(0.72)-(0.52) versus analysts’ consensus estimate of ($0.32) and revenues of $3.60-4.00 bln versus analysts’ consensus estimate of $3.84 bln.

MU fell to $49.70 (-2.91%) in pre-market trading.