Stock Alert: Micron Technology Slides 5%; Q1 Earnings View Below Estimates

(RTTNews) - Shares of Micron Technology Inc. (MU) are losing more than 5 percent or $2.63 in Wednesday's morning trade at $48.08 after the company provided earnings outlook for the first quarter below analyst's estimates, even as its fourth-quarter earnings beat their expectations.

Tuesday, Micron Technology reported fourth-quarter earnings of $988 million or $0.87 per share, up from $561 million or $0.49 per share in the year-ago period. Adjusted earnings were $1.08 per share, while analysts polled by Thomson Reuters had a consensus estimate of $0.99 per share. Revenue for the quarter grew 24.4 percent to $6.06 billion from $4.87 billion last year.

For the first quarter of 2021, Micron Technology projects earnings in a range of $0.40 to $0.54 per share and revenue in a range of $5.0 billion to $5.4 billion. The Street expects earnings of $0.69 per share for the quarter on revenues of $5.28 billion.

Micro Technology has traded in a range of $31.13 to $61.19 in the past 52 weeks.