Micron Beats Consensus, But Misses Forecast

Micron Technology (MU) this afternoon reported revenue for its fiscal third quarter ended May 29 of $1.5 billion, slightly better than the Street consensus of $1.47 billion. The company lost 30 cents a share in the quarter, two cents worse than the Street had forecast. Micron had a gross margin in the quarter of 3.2%, which is better than the negative gross margin reported in the February quarter, but down from 8.2% a year earlier.

Micron said DRAM average selling prices fell 5% sequentially in the quarter, while NAND Flash prices fell about 20%. The company said it sees cap ex for the 2008 fiscal year of $2.5 billion to $3 billion; it spent $577 million in the latest quarter.

In after hours trading, Micron is off 15 cents, or 2.2%, to $6.84; the stock fell 54 cents in the regular session.