Micron Technology (NASDAQ:MU) stock is slipping on Friday following the release of the company’s earnings report for its fiscal third quarter of 2022.
The bad news here comes from the company’s outlook for its fiscal fourth quarter of the year. This has it expecting adjusted earnings per share ranging from $1.43 to $1.83. Unfortunately for MU stock, that will have the company missing Wall Street’s estimate of $2.62 per share.
Also included in that fiscal Q4 2022 outlook is revenue ranging from $6.8 billion to $7.6 billion. Yet again, that’s not looking good for MU stock next to analysts’ revenue estimate of $9.05 billion for the period.
Sanjay Mehrotra, president and CEO of Micron Technology, said the following in the company’s most recent earnings report.
“Recently, the industry demand environment has weakened, and we are taking action to moderate our supply growth in fiscal 2023. We are confident about the long-term secular demand for memory and storage and are well positioned to deliver strong cross-cycle financial performance.”
Micron Technology’s poor outlook drags down an otherwise positive earnings report. The company posted an adjusted EPS of $2.59 on revenue of $8.64 billion. Both of these look good compared to Wall Street’s estimates of $2.44 per share and revenue of $8.64 billion. They’re also both up compared to the same time last year.
MU stock is down 5.6% as of Friday morning. The stock is also down 45.5% since the start of the year.
Investors on the lookout for more recent stock market news are in the right place!
InvestorPlace has all the hottest stock market news that traders need to know about for Friday! That includes what’s happening with Chinese electric vehicle (EV) stocks, why Quoin Pharmaceuticals (NASDAQ:QNRX) stock is rocketing higher and this morning’s biggest pre-market stock movers. You can learn more about these topics at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.