Micron Technology Inc. (MU) shares were falling in post-market trading Tuesday, after the chip maker beat earnings expectations but missed revenue expectations in its fiscal first quarter 2019 report.
The stock fell 9% to $30.90 in post-market trading, after having risen 0.68% in Thursday's regular trading session.
Micron posted an adjusted earnings-per-share of $2.97, beating Wall Street's expectations of $2.95, with adjusted net income coming in at $3.51 billion. Total revenue came in at $7.91 billion, however, missing estimates of $8 billion.
On its earnings call with investors, Chief Executive Officer Sanjay Mehrotra attributed the lower revenue to "inventory adjustments" at data center customers. The company also issued weaker-than-expected guidance for its fiscal second quarter of 2019.
"Despite weak near-term industry supply-demand dynamics entering calendar 2019, Micron is well-positioned to deliver healthy profitability throughout the year," Mehrotra said in a statement. "We remain bullish on the long-term secular growth trends driving the memory and storage industry."
Micron shares are down 17% year to date.
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