Micron Technology (NASDAQ:MU) was trading higher in premarket trade on Friday, a day after the memory chipmaker reported a lower-than-expected decline in its quarterly revenue.
Shares rose as much as 4.5% to $15.43 as of 7:57 a.m. in New York.
Revenue fell 14.8% to $3.6bn in the fiscal fourth quarter ended September 3, the Boise, Idaho-based company said in a statement late on Thursday.
That result topped the $3.55bn average estimate of analysts surveyed by Capital IQ.
Net income decreased 59% to $471mln, or $0.42 per share, in the quarter. Stripping out items, the company earned $0.37 per share, exceeding analysts' estimates of $0.32 per share.
Lower selling prices drove down revenue, underscoring the effects of weakened demand for personal computers. Micron is making both dynamic random access memory (DRAM) and NAND flash memory chips.
Looking ahead, Micron anticipates revenue of $3.35bn-$3.6bn for the current quarter, below analysts' average estimate of $3.73bn.
The stock had lost 58% since the beginning of the year through the close on Thursday.