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Micron Technologies (MU) Slips On Weak Q3 Revenues, Announces Job Cuts

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Micron Technology Inc. (MU - Free Report) just released its third quarter fiscal 2016 earnings results, posting earnings of -$0.08 per share and revenue of $2.90 billion.  

Currently, MU has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.

Micron:                                   

1. Beat earnings estimates. The company posted earnings of -$0.08 per share (excluding 13 cents from non-recurring items), beating our Zacks Consensus Estimate of -$0.11.

2. Missed revenue estimates. The company saw revenue figures of $2.90 billion, missing our estimate of $2.949 billion.  

3. "Although we have made good progress in deploying our advanced DRAM and NAND technologies, we continue to face challenging market conditions," said Micron CEO Mark Durcan. "To address the current market environment and strengthen our competitive position, we are implementing a number of initiatives to reduce costs, drive greater efficiencies, and increase focus on our strategic priorities."

4. While Micron did not go into full details about what its cost reduction initiatives will be in the report, the company did say that it will inclue a “global workforce reduction” and should save $300 million in fiscal 2017.

5. MU was down $1.34, or 9.74%%, to $12.42 as of 4:20 p.m. EST in after-hours trading shortly after its earnings report was released.

Here’s a graph that looks at Micron’s latest revenue performance:

 

Micron Technology Inc. (MU - Free Report) Actual & Estimate Revenue - Last 5 Quarters | FindTheCompany

 

Earlier today, Zacks’ own Dave Bartosiak discussed Micron in a live earnings preview. Check out Dave’s predictions and options insights, and make sure to subscribe to our YouTube channel to catch more live earnings previews in the future!

 

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