NEW YORK (TheStreet) -- Micron Technology (MU - Get Report) stock is retreating 9.59% to $12.44 in after-hours trading on Thursday after the semiconductor systems company delivered disappointing revenue for the fiscal 2016 third quarter.
The Boise, ID-based company reported revenue of $2.9 billion for the quarter ended June 2, below estimates of $2.96 billion and down 25% compared with the same period last year.
The non-GAAP loss of 8 cents per share beat estimates for a loss of 9 cents per share, but was larger than the 5-cent loss that the company reported for the fiscal third quarter last year.
"To address the current market environment and strengthen our competitive position, we are implementing a number of initiatives to reduce costs, drive greater efficiencies, and increase focus on our strategic priorities," CEO Mark Durcan said in a statement, citing weak market conditions.
Micron Technology expects to save more than $300 million in fiscal 2017 with the cost cutting initiatives that will include job cuts.
Micron Technology has a "hold" rating and a letter grade of C at TheStree Ratings because of the company's reasonable valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures, which offsets feeble earnings per share growth, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: MU
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