Shares of memory chip manufacturer Micron (NASDAQ: MU) have been trending lower since April despite a string of solid earnings reports. Revenue has been growing at a double-digit rate since mid-2020, and the company has beat analyst expectations at every turn.
That pattern didn't change with Micron's fiscal fourth-quarter report on Tuesday. Micron reported revenue of $8.27 billion and adjusted earnings per share of $2.42, up 37% and 124%, respectively, year over year. Both numbers were ahead of analyst estimates.
Despite the rock-solid quarter, Micron stock was edging lower on Wednesday morning. The company's guidance was part of the problem. Micron expects to produce revenue of $7.65 billion and adjusted EPS of $2.10 in the fiscal first quarter, both down from the company's fourth-quarter results. That guidance also fell short of the $8.49 billion of revenue and $2.48 of adjusted EPS that analysts were expecting.
Source Fool.com