Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Micron Technology
So what: Non-GAAP EPS of $0.10 was well short of the consensus estimate of $0.16. Revenue fell 7% year over year, hurt by soft average selling prices and weak consumer PC demand. Management indicated that the tragedy in Japan affected customers and contributed to the decline in revenue but did not cause supply interruptions.
Now what: Management said demand for tablets and for corporate PCs, networking equipment, and servers remains solid. Despite the revenue decline, lower manufacturing costs boosted gross margin -- a positive for Micron's earnings. On a less positive note, Micron didn't bring up challenges at key customer Nokia
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