Micron Tech 1Q 2013 Misses Estimates

Micron Technology (NASDAQ: MU  ) announced its 1Q 2013 results today in an official statement. It made $1.8 billion in net revenues, and had a bottom line loss of $275 million ($0.27 per diluted share). Those numbers for the same period last year were $2.1 billion, and $187 million (-$0.19 EPS).

Analysts had been expecting net sales of just over $2 billion and a loss of $0.20 per share for the quarter.

The company said it saw declines in revenues for its NAND and DRAM products, which fell 4% and 9%, respectively, over the previous quarter.

Micron Technology's shares were down approximately 3% in after-hours trading following the release of the results.


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