04:51 PM EST, 12/18/2024 (MT Newswires) -- Micron Technology ( MU ) late Wednesday swung to a bigger-than-expected profit for the fiscal first quarter, though the memory and storage product maker flagged weakness in its consumer-oriented markets that will likely impact its second-quarter outlook.

Micron reported adjusted per-share earnings of $1.79 during the three months ended Nov. 28, compared with a $0.95 loss a year earlier. The FactSet-polled consensus was for earnings of $1.76. Revenue soared 84% to $8.71 billion, meeting the Street's view.

"While consumer-oriented markets are weaker in the near term, we anticipate a return to growth in the second half of our fiscal year," Chief Executive Sanjay Mehrotra said in a statement.

Demand for memory and storage in the automotive market has slowed amid lower-than-expected vehicle production, Mehrotra said in prepared remarks that were published on the company's website. However, advanced driver-assistance systems, infotainment, and artificial intelligence across the auto market should drive long-term memory and storage content growth, he said.

"Industrial market demand continues to be impacted by inventory adjustments, and we expect a recovery in this market later in calendar 2025," according to Mehrotra.

Shares were falling 13% in after-hours trade.

For the ongoing quarter, Micron forecast adjusted EPS of $1.43, plus or minus $0.10, on expected revenue of $7.7 billion to $8.1 billion. The consensus is for normalized EPS of $1.91 and sales of $8.94 billion.

Inventory reductions in the consumer-oriented segments are having a "more pronounced impact," weakening the second-quarter bit shipment outlook, Mehrotra said in prepared remarks.

"We expect this adjustment period to be relatively brief and anticipate customer inventories reaching healthier levels by spring, enabling stronger bit shipments in the second half of fiscal and calendar 2025," he said.