Rising costs did not help S&P 500 (NYSE:SPY) component Micron Technology Inc. (NASDAQ:MU) in the third quarter as profit dropped from a year earlier. Micron Technology Inc. is a global manufacturer and marketer of Flash memory, image sensors and other semiconductor components.
Micron Technology Earnings Cheat Sheet for the Third Quarter
Results: Net income for Micron Technology Inc. fell to $75 million (7 cents/share) vs. $939 million (92 cents/share) a year earlier. A decline of 92% from the year earlier quarter.
Revenue: Fell 6.5% to $2.14 billion YoY.
Actual vs. Wall St. Expectations: MU fell short of the mean analyst estimate of 16 cents/share. Estimates ranged from 3 cents per share to 26 cents per share. It fell short of the average revenue estimate of $2.37 billion.
A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the third quarter of the last fiscal year, which saw revenue rise more than twofold.
Gross margin shrunk 14.7 percentage points to 22.3%. The contraction appeared to be driven by rising costs as the figure rose 15.3% from the year earlier quarter while revenue fell 6.5%.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 6 cents versus a mean estimate of net income of 4 cents per share.
Competitors to Watch: Intel Corporation (NASDAQ:INTC), Spansion Inc. (NYSE:CODE), SanDisk Corporation (NASDAQ:SNDK), Integrated Silicon Solution, Inc. (NASDAQ:ISSI), SMART Modular Tech., Inc. (NASDAQ:SMOD), MoSys Inc. (NASDAQ:MOSY), LOGIC Devices Incorporated (NASDAQ:LOGC), Netlist, Inc. (NASDAQ:NLST), GSI Technology, Inc. (NASDAQ:GSIT), IBM (NYSE:IBM), Microsoft (NASDAQ:MSFT), AMD (NYSE:AMD), Texas Instruments (NYSE:TXN), Apple (NASDAQ:AAPL), Broadcom (NASDAQ:BRCM), NVIDIA Corp. (NASDAQ:NVDA) and Integrated Device Tech., Inc. (NASDAQ:IDTI).
Stock Performance: Shares of MU are down over 10% after hours…
(Source: Xignite Financials)