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Micron shares fall as quarterly revenue misses estimates

Micron Technology Inc. reported fiscal first-quarter earnings in line with expectations, but missed on quarterly revenue estimates, sending its shares down by more than 6% in after-hours trading.

Net income attributable to the U.S. chipmaker stood at $3.29 billion, or $2.81 per share, in the quarter that ended Nov. 29, up from $2.68 billion, or $2.19 per share, in the three-month period that ended Nov. 30, 2017.

Non-GAAP EPS came in at $2.97, up from $2.45 in the year-ago period and in line with the estimate from S&P Global Market Intelligence.

Total revenue increased to $7.91 billion during the quarter from $6.80 billion. Fiscal first-quarter revenue fell short of the S&P Global Market Intelligence estimate of $7.99 billion.

Operating income rose to $3.76 billion in the first quarter from $3.10 billion in the year-ago quarter.

"Despite weak near-term industry supply-demand dynamics entering calendar 2019, Micron is well-positioned to deliver healthy profitability throughout the year," said President and CEO Sanjay Mehrotra. "We remain bullish on the long-term secular growth trends driving the memory and storage industry."

As of 5:15 p.m. ET, Micron's shares were down 6.77%