Micron's Earnings Beat; Revenue Misses

Micron Technology Inc. (MU - Snapshot Report) reported a fiscal third-quarter loss of 36 cents per share yesterday evening, topping the average forecast of a loss at 42 cents per share by more than 14%.

However, sales fell 26% to $1.1 billion, which was worse than Wall Street expectations as demand for its products remained sluggish amid the global economic downturn.

Analysts, on average, expect the company to post a loss of $2.15 per share for the fiscal year ending August 2009, which has narrowed by 2 cents over the past week as 1 of 6 analysts raised expectations.

MU, a Zacks #3 Rank ("Hold") stock, has slipped nearly 4% Friday on volume of approximately 18 million shares, against the average daily volume of about 20.3 million.