BOISE, ID. — As of 8 p.m. on Wednesday, December 18, Micron’s share price fell more than 15 percent in extended trading.

The slump follows a mixed day for the company, in which Micron gave weak guidance for the second quarter even as the company posted record earnings in the first quarter of fiscal 2025, beating expectations.

According to an analysis published by CNBC on Wednesday evening; “For the second quarter, Micron expects revenue of $7.9 billion, plus or minus $200 million, and adjusted earnings per share of $1.43, plus or minus 10 cents. According to LSEG, analysts expected revenue of $8.98 billion and earnings per share of $1.91.”

“Micron delivered a record quarter and our data center revenue exceeded 50% of our total revenue for the first time,” said Sanjay Mehrotra, president and CEO of Micron Technology. “While consumer-facing markets are weaker in the near term, we expect 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 significant value for all stakeholders.”

Micron received $6 billion from the Chips Act last week to help develop the company’s chip factory in Clay.