Micron Tech Stock Slides After Hours Following Q4 Results - Here's What's Happening

Micron Technology, Inc. MU shares are trading lower in Wednesday's after-hours session after the company reported fourth-quarter earnings.

What To Know: Micron reported quarterly losses of $1.07 per share, which beat the analyst consensus estimate of losses of $1.18, a decrease over earnings of $1.45 per share from last year. 

The company reported quarterly sales of $4.01 billion, which beat the analyst consensus estimate of $3.91 billion, a 39.64% decrease over sales of $6.64 billion in the same period last year.

The company also reported an operating cash flow of $249 million compared to $24 million for the prior quarter and $3.78 billion year-over-year. 

Micron anticipates first-quarter earnings per share in a range between losses of $1.14 and losses of $1.00 versus the estimate of losses of 90 cents. Revenue is estimated to be between $4.2 billion and $4.6 billion versus the $3.97 billion estimate.

For 2024, Micron sees accelerating AI-driven opportunities for memory and storage across multiple market segments.

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MU Price Action: Shares of MU were down 2.65% at $66.39 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by brookhaven from Pixabay