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Many corporations opened their books on Wednesday, the 20th of June, including big names such as Micron Technology, Bed Bath & Beyond and Red Hat. The following is a brief review of the most important facts pertaining to their reports. Investors, in general, were not to happy with the quarterly results and sent the shares of each company much lower in Thursday's trading session.

Micron Technology (NASDAQ:MU), the manufacturer of semiconductor devices, including DRAM and flash memory chips, announced its third quarter results of 2012 on Wednesday. The company lost $320 million, or $0.32 per share, compared to a loss of $0.29 last year. Net sales increased 10% to $2.2 billion. For the first nine months of 2012, the company lost $789 million, or $0.80 per share so far. Despite the severe losses, Micron still holds a net cash position of roughly $2.1 billion.

Shares fell almost 8% in Thursday's trading session, as investors note that demand for flash sales have been strong, up 40% on the year, but revenues increased at a much slower pace amidst steep price declines. Consequently, revenues beat the consensus estimate of $2.0 billion, while analysts expected the company to lose a "mere" $0.20 per share.

Bed Bath & Beyond (NASDAQ:BBBY), the operator of retail stores selling domestic merchandise and home furnishings, reported disappointing first quarter results on Wednesday. The company reported net profits of $207 million for the quarter, or $0.89 per share. Earnings were up 24% on the year, with revenue growth coming in at 5.1% to $2.22 billion. Same store sales growth came in at 3.0% this quarter, compared to 7.0% last year. Analysts were looking for same store sales growth of around 3.8%.

For the second quarter, the company guides for quarterly earnings per share of $0.97-$1.03. The company which repurchased for about $306 million in its own shares during the last quarter, still has a sizable net cash position of roughly $1.7 billion. The outlook, which excludes the impact of the acquisition of CostPlus last month, comes as a disappointment for investors and analysts who expected the company to guide for second quarter earnings of $1.08. Shares fell an incredible 17% on Thursday, as a result of the mediocre performance during the quarter and on the back of the soft outlook. Yesterday's correction, largely wiped out year-to-date gains.

Red Hat (NYSE:RHT), the provider of open source software solutions, known from its operating system Linux, reported its first quarter results. The company reported a 19% increase in quarterly revenues to $315 million. Net income rose 15% to $37.5 million, or $0.19 per share. Non-GAAP earnings, which exclude the costs for stock-based compensation, rose to $0.30 per share compared to $0.24 last year. The company which operates without debt ended the quarter with $820 million in cash, equivalents and investments. Shares in Red Hat ended Thursday with losses over 6% as the company issued a weak outlook for the second quarter. Second quarter revenues are expected to come in between $320 and $322 million, with adjusted earnings per share coming in at $0.28-$0.29, as earnings are impacted by a slowdown in Europe and Japan. Despite the correction, shares are still up 28% on the year.

Source: Important Earnings Announcements From Wednesday, June 20th