MU - Why Artificial Intelligence (AI) Stock Micron Technologies Stumbled Thursday
2024-06-27 15:40:00 ET
Shares of Micron Technology (NASDAQ: MU) tumbled on Thursday, falling as much as 7.9%. As of 3:15 p.m. ET, it had recovered somewhat, though the stock was still down 5.9%.
The catalyst that sent the memory and storage chipmaker lower was the company's quarterly financial report.
For its fiscal 2024 third quarter (ended May 30), Micron generated revenue that surged 82% year over year to $6.8 billion, driving adjusted earnings per share (EPS) to $0.62, compared to a loss of $1.43 in the prior-year quarter.
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Why Artificial Intelligence (AI) Stock Micron Technologies Stumbled Thursday