Micron Technology Inc. (NASDAQ:MU) posted better-than-expected financial results for the fourth quarter amid improving PC market and increasing prices.
The maker of DRAM chips reported a net loss of $170 million, or 16 cents a share in the latest quarter, as compared to earnings of $471 million, or 42 cents a share in the same period last year. On an adjusted basis, loss was 5 cents a share, versus a loss of 12 cents estimated by analysts.
Revenue for the quarter came in at $3.22 billion, down 10.6 percent from the year-earlier quarter, but above consensus forecast of $3.15 billion.
The company’s Chief Executive Mark Durcan said ‘’we are seeing improving market conditions in terms of both slowing supply growth and improving demand across a number of key segments.’’
Looking forward, the Boise, Idaho-based company is expecting adjusted earnings in a range of 13 cents a share to 21 cents a share for the first quarter. Analysts surveyed by Thomson Reuters were looking for an adjusted profit of 9 cents.
Micron shares fell nearly 5 percent in the pre-market session on Wednesday despite beating analysts’ estimates in Q4. The 52-week range of the stock is $9.31-$19.30. The company’s market cap is $18.43 billion and P/E ratio is 57.91.