Micron Technology Inc (NASDAQ:MU) reported financial results for the first quarter of fiscal 2025 after the market close on Wednesday. Here's a rundown of the report.

Q1 Earnings: Micron reported first-quarter revenue of $8.71 billion, missing the consensus estimate of $8.72 billion. The company reported first-quarter adjusted earnings of $1.79 per share, beating analyst estimates of $1.76 per share, according to Benzinga Pro.

Operating cash flow came in at $3.24 billion versus $3.41 billion in the prior quarter and $1.4 billion in the comparable quarter last year. Adjusted free cash flow was $112 million in the quarter, down from $323 million in the prior quarter. The company ended the quarter with $8.75 billion in cash, marketable investments and restricted cash.

"Micron delivered a record quarter, and our data center revenue surpassed 50% of our total revenue for the first time," said Sanjay Mehrotra, president and CEO of Micron.

"While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year. We continue to gain share in the highest margin and strategically important parts of the market and are exceptionally well positioned to leverage AI-driven growth to create substantial value for all stakeholders."

Outlook: Micron sees second-quarter revenue of $7.9 billion, plus or minus $200 million, versus estimates of $9 billion. The company expects second-quarter adjusted earnings of $1.43 per share, plus or minus 10 cents per share, versus estimates of $1.92 per share.

Micron's soft guidance appears to be weighing on shares after hours. Management will further discuss the quarter on a call with analysts and investors at 4:30 p.m. ET.

MU Price Action: Micron shares were down 13.16% in after-hours, trading at $90.50 at the time of publication Wednesday, according to Benzinga Pro.

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Photo: Courtesy of Micron.