Micron Technology Q1 Loss Increases, but beats estimates

(RTTNews) - Micron Technology (MU) announced Loss for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line came in at -$1.23 billion, or -$1.12 per share. This compares with -$195 million, or -$0.18 per share, in last year's first quarter.

Excluding items, Micron Technology reported adjusted earnings of -$1.05 billion or -$0.95 per share for the period.

Analysts on average had expected the company to earn -$0.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 15.6% to $4.73 billion from $4.09 billion last year.

Micron Technology earnings at a glance (GAAP) :

-Earnings (Q1): -$1.23 Bln. vs. -$195 Mln. last year. -EPS (Q1): -$1.12 vs. -$0.18 last year. -Analyst Estimate: -$0.97 -Revenue (Q1): $4.73 Bln vs. $4.09 Bln last year.

-Guidance: Next quarter revenue guidance: (-$0.35) to (-$0.21)