Earnings Results: Micron stock falls as forecast disappoints, earnings continue to plunge

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Micron Technology Inc. shares fell in the extended session Thursday after the memory-chip maker reported another large earnings decline and predicted a disappointing holiday season.

Micron MU, -1.76%  shares fell 5.2% in after-hours trading following release of the report. Micron said it expects adjusted earnings of 39 cents to 53 cents a share on revenue of $4.8 billion to $5.2 billion for its first fiscal quarter. Analysts surveyed by FactSet had forecast earnings of 53 cents a share on revenue of $4.8 billion.

The company reported fiscal fourth-quarter net income of $561 million, or 49 cents a share, compared with $4.33 billion, or $3.56 a share, in the year-ago period. Adjusted earnings were 56 cents a share.

Revenue fell to $4.87 billion from $8.44 billion in the year-ago quarter. Analysts had forecast earnings of 51 cents on revenue of $4.59 billion on average, according to FactSet.

Read: Micron stock rises after Goldman cheers shrinking inventories

Shares reached their highest level since the dot-com bust of $64.66 on May 30, 2018 at the height of the memory chip boom, and then dropped 56% to $28.39 over the next seven months as inventory problems became more evident.

Micron stock closed Thursday with a 1.8% decline at $48.60. In comparison, the S&P 500 index SPX, -0.24% declined 0.2%, while the Nasdaq Composite Index COMP, -0.58%  declined 0.6% and the PHLX Semiconductor Index SOX, +0.03%  finished up less than 0.1%.

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