micron technology (mo)
Micron shares fell more than 1% after hours after the company’s quarterly results. In the first quarter, the memory chip maker’s first-quarter adjusted earnings per share of 4 cents beat analyst estimates by a penny loss. Quarterly adjusted revenue came in at $4.09 billion, down 47% year-over-year, missing expectations of $4.13 billion.
“We are taking decisive action to reduce our supplies and our expenses,” said President and CEO Sanjay Mehrotra. The company plans to cut staff by about 10 percent and suspend bonuses in 2023.
Micron sees second-quarter adjusted revenue of $3.6-4 billion, versus Street’s estimate of $3.88 billion.
Year-to-date, the stock is down 45%.
under shield (UA)
Shares of Under Armor rose slightly in after-hours trading after the announcement of a new CEO, Stephanie Lennarts, who will join the company as president, chief executive officer and member of its board, effective February 27, 2023.
Lennarts has served as President of Marriott International since 2021. She will take over from Chief Operating Officer Colin Brown, who has served as interim CEO since June 2022.
Brown served temporarily in the top job after Patrick Frisk stepped down earlier this year. Under Armor stock is down more than 50% this year.
Shares of MillerKnoll jumped as much as 5% in after-hours trading after the company beat analyst expectations on top and stocks.
Furniture & Design Supplies reported adjusted earnings per share of 46 cents, beating analyst estimates of 42 cents. Sales of $1.07 billion beat expectations of $1.04 billion. The higher prices compensated for a decrease in orders for the quarter. The company anticipates annual expense reductions of approximately $30-35 million.
Year-to-date, inventory is down 53%
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