Micron Shares fell 13% in extended trading on Wednesday after the chip maker issued weak second-quarter guidance despite beat earnings for the latest period.

Here's how the company did compared to the expectations of analysts polled by LSEG:

• Earnings per share: $1.79, adjusted vs $1.75 expected

• Income: $8.71 billion vs $8.71 billion expected

For the second quarter, Micron said it expects revenue of $7.9 billion, plus or minus $200 million, and adjusted earnings per share of $1.43, plus or minus 10 cents. Analysts were expecting revenue of $8.98 billion and EPS of $1.91, according to LSEG.

The computer memory and storage company saw its shares climb 22% year to date as of the market close, following the Nasdaq's 29% gain. in the earnings reportMicron highlighted data centers and artificial intelligence ventures with Nvidia processors as growth areas.

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

SEE: Micron shares continue to slip on guidance