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Micron Beats Fourth Quarter Profit Estimates; Shares Fall

Micron Technology reported that its fiscal-fourth-quarter net income nearly doubled from a year earlier.
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Micron Technology  (MU) - Get Micron Technology, Inc. Report after the bell Tuesday reported non-GAAP fiscal-fourth-quarter income of $1.23 billion, or $1.08 a share, on revenue of $6.06 billion. 

The Boise, Idaho, chipmaker had been expected to report adjusted net income of $1.1 billion, or 98 cents a share, on sales of $5.9 billion, based on a FactSet survey of 28 analysts. 

In the year-earlier fourth quarter, the company earned 56 cents a share on sales of $4.9 billion. It reported net income of $840 million.

The stock has risen 1.4% since the company last reported earnings on June 29.

Micron offered fiscal first-quarter guidance for non-GAAP earnings between $800 million and $850 million, or 40 cents to 54 cents a share, on revenue between $5 billion and $5.4 billion. 

Heading into the earnings report, analysts were forecasting adjusted net income of $818.7 million, or 69 cents a share, on sales of $5.3 billion.

Shares of Micron at last check after hours were off 1.6% at $49.88. They'd gained 2% in the regular session. 

Elsewhere, chip stocks were mixed Tuesday.

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The Philadelphia Semiconductor Index rose 4.88 points to 2,242.52. Among notable companies in the sector, 19 rose while 10 fell.

AMD  (AMD) - Get Advanced Micro Devices, Inc. Report shares rose $2.52, or 3.2%, to $82.00.

Entegris  (ENTG) - Get Entegris, Inc. Report shares rose $2.03, or 2.8%, to $73.43.

Among laggards, Marvell  (MRVL) - Get Marvell Technology, Inc. Report shares fell 1% to $39.49.

Silicon Motion ADRs  (SIMO) - Get Silicon Motion Technology Corp. Report fell 0.7%, to $38.87.

The Nasdaq Composite Index fell 32.28 points, or 0.29%, to 11,085.25.

Twenty-five chip stocks outperformed the Nasdaq composite index while 4 lagged. The Invesco QQQ ETF fell 0.93, or 0.33%, to 276.28.

Marvell is a holding in Jim Cramer's Action Alerts PLUS member club