Investing.com -- Micron reported Wednesday better-than-expected fiscal third-quarter results and guidance for the current quarter that topped Wall Street estimates as the chipmaker said the bottom was in for memory-chip revenue.
Micron Technology Inc (NASDAQ:MU) shares rose about 2% in after-hours trading following the report.
Micron announced an adjusted loss of $1.43 a diluted share on revenue of $3.75 billion. Analysts polled by Investing.com anticipated a loss of $1.59 a share on revenue of $3.67B.
Looking ahead to fiscal Q4, Micron sees an adjusted loss of $1.19 per diluted share, give or take $0.07, and revenue of $3.90B, give or take 200M. Wall Street consensus had called for a loss of $1.06 on revenue of $3.89B.
The better-than-expected outlook comes as the chipmaker warned that China's recent Cyberspace Administration of China decision was a "significant headwind" impacting its outlook and slowing its recovery.
The expected impact from China's decision, however, was overshadowed by remarks that point to a bottom in memory demand.
"We believe that the memory industry has passed its trough in revenue, and we expect margins to improve as industry supply-demand balance is gradually restored," the company said.