(AOF) – Micron is expected to be in the red following the presentation of disappointing revenue targets. In the third quarter, ending at the end of May, of its 2024 fiscal year, the computer memory maker generated net income of $332 million, or 30 cents per share, compared with a loss of $1.9 billion, or 1.73 dollar per share last year. Adjusted earnings per share came to 62 cents while the market expected 50 cents.
Revenue jumped more than 81% to $6.811 billion and Wall Street expected $6.67 billion.
In the fourth quarter, the computer memory maker is targeting revenue of $7.6 billion, give or take $200 million, compared with a consensus of more than $8 billion. Micron also expects adjusted earnings per share of $1.08, plus or minus 8 cents. Wall Street forecasts a loss of $1.02 per stock.
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