Micron Technology Inc mu Shares traded lower on Thursday after the company reported first-quarter financial results came in below estimates.

Q1 results: Micron reported revenue of $4.08 billion in the first quarter, which it missed average analyst estimates of $4.12 billion Gasoline Pro. The company’s revenue declined from $7.69 billion year-over-year.

Micron reported a quarterly net loss of 4 cents per share, which missed median estimates for a loss of 1 cent per share.

according to a regulatory filing, Micron has completed a restructuring plan in which it expects to reduce headcount by approximately 10%. In connection with the plan, the company expects to pay fees of at least $30 million in the second quarter of fiscal year 2023.

“Micron’s strong technology, manufacturing and financial position gives us a solid foundation to navigate the near-term environment and we are taking decisive action to reduce our supply and costs. and to deliver strong profitability once we emerge from this downturn,” said Sanjay Mehrotra, Micron President and CEO.

Outlook: Micron expects second-quarter revenue of between $3.6 billion and $4 billion versus median estimates of $3.75 billion. The company is projecting an adjusted net loss of between 52 cents and 72 cents per share for the second quarter versus an estimated loss of 30 cents per share.

Analyst Rating: Several analysts lowered price targets for the stock following the company’s quarterly results.

• Mizuho analyst Vijay Rakesh kept Micron at a neutral stance, lowering the price target to $48 from $50.
• UBS analyst Timothy Arcuri kept Micron on a buy and lowered the price target to $70 from $75.
• Morgan Stanley analyst Joseph Moore maintained an underweight stance on Micron, lowering its price target to $46 from $49.

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