Micron Technology reported earnings of 54 cents a share for the fiscal third quarter, below analysts' estimates of 57 cents a share. Revenue fell 3.3% year over year to $3.58 billion for the quarter, below analysts' estimates of $3.91 billion.
The company said that average DRAM selling prices fell 8% in the fiscal third quarter, compared to a 10% decline in the fiscal second quarter. DRAM sales volume was "relatively flat" in the quarter.
"In the fiscal third quarter, Micron experienced market headwinds driven primarily by weakness in the PC sector," CEO D. Mark Durcan said. "We remain focused on the long term as we continue to deploy advanced process technology to enable leading-edge products and drive manufacturing efficiency."
TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow."