Micron Technology (MU)
Micron stock fell more than 1% in after hours following the company’s quarterly results. The memory chip maker’s first quarter adjusted earnings per share of 4 cents beat analyst estimates for a loss of 1 penny. Quarterly adjusted revenue came in at $4.09 billion, a decline of 47% year-over-year, missing expectations for $4.13 billion.
President and CEO Sanjay Mehrotra said, “we are taking decisive actions to cut our supply and expenses.” The company plans to slash headcount by about 10 percent and suspend bonuses in 2023.
Micron sees second quarter adjusted revenue coming in between $3.6 and $4 billion, versus Street estimates of $3.88 billion.
Year-to-date, the stock is down 45%.
Under Armour (UA)
Under Armor shares were fractionally higher in after hours trade following the announcement of new chief executive officer, Stephanie Linnartz, who will join the company as President, CEO, and member of its board of directors, effective February 27, 2023.
Linnartz has served as president of Marriott International since 2021. She will take over the reins from chief operating officer Colin Browne, who has served as interim CEO since June 2022.
Browne temporarily served in the top role after Patrik Frisk stepped down earlier this year. Under Armor stock is down more than 50% this year.
MillerKnoll shares jumped as much as 5% in after hours trade after the company beat analyst expectations on the top and bottom line.
The furniture and design outfit reported adjusted earnings per share of 46 cents, beating analyst estimates for 42 cents. Sales of $1.07 billion beat expectations of $1.04 billion. Higher prices offset a drop in orders for the quarter. The company forecasts annual expense reductions of about $30-35 million.
Year-to-date the stock is down 53%
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