One of the largest DRAM companies in the U.S., Micron Technology, announced a forecast that fell short of market expectations in its earnings report after the market closed. This led to an approximately 8% drop in its stock price after hours, causing U.S. indices futures to fall.
As of 7:30 PM on June 26, Dow futures are down 0.21%, S&P500 futures are down 0.31%, and Nasdaq futures are down 0.46% on the New York Stock Exchange. This is due to Micron’s stock plummeting about 8% in after-hours trading.
Micron announced its earnings after the market closed today. In the earnings report, Micron revealed that it recorded $6.81 billion in revenue last quarter, beating the market expectation of $6.67 billion.
The company also reported a net income per share of 62 cents, surpassing the market’s expectation of 50 cents. However, this quarter’s revenue forecast fell short of market expectations. As a result, its stock price plunged 7.97% to $131.02 in after-hours trading. During regular trading hours, the stock had risen 0.88% at closing.
