Micron: Fiscal Q3 Earnings Snapshot

The Associated Press//June 29, 2023//

(AP Photo/Steve Helber, File)

The Associated Press//June 29, 2023//

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BOISE, Idaho (AP) — Micron Technology Inc. (MU) on Wednesday reported a loss of $1.9 billion in its fiscal third quarter.

The Boise, Idaho-based company said it had a loss of $1.73 per share. Losses, adjusted for stock option expense and non-recurring costs, came to $1.43 per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of $1.58 per share.

The chipmaker posted revenue of $3.75 billion in the period, also surpassing Street forecasts. Nine analysts surveyed by Zacks expected $3.68 billion.

For the current quarter ending in August, Micron expects its results to range from a loss of $1.26 per share to a loss of $1.12 per share.

The company said it expects revenue in the range of $3.7 billion to $4.1 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $6.12 billion.