Memory-chip maker Micron Technology (MU) late Thursday beat Wall Street’s earnings target for its fiscal third quarter and matched views on sales. However, it badly missed estimates with its guidance for the current quarter. MU stock fell in extended trading.




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The Boise, Idaho-based company earned an adjusted $2.59 a share on sales of $8.64 billion in the quarter ended June 2. Analysts polled by FactSet expected Micron earnings of $2.43 a share on sales of $8.64 billion. In the year-earlier period, Micron earned $1.88 a share on sales of $7.42 billion.

Earnings report details to follow.

In after-hours trading on the stock market today, MU stock dropped 2.9% to 53.70. During the regular session Thursday, MU stock retreated 1.3% to close at 55.28.

MU Stock Has Subpar Composite Rating

In recent weeks, Wall Street analysts have been tempering their expectations for semiconductor companies ahead of second-quarter earnings season.

MU stock ranks sixth out of 10 stocks in IBD’s Computer-Data Storage industry group, according to IBD Stock Checkup. It has a subpar IBD Composite Rating of 46 out of 99.

IBD’s Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths. The best growth stocks have a Composite Rating of 90 or better.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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This story originally Appeared on Yahoo