Micron's stock price drops on weak second-quarter outlook.

• The chipmaker's second-quarter guidance was weaker than expected, causing Micron shares to plummet 12% in extended trading.
• First-quarter revenue was inline with analysts' expectations, while earnings topped estimates.

Despite an earnings beat for the latest period, shares of the chipmaker plummeted 13% in extended trading on Wednesday due to weak second-quarter guidance.

According to a survey by LSEG, how did analysts' expectations compare to the company's performance?

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

• Revenue: $8.71 billion vs. $8.71 billion expected

Micron anticipates revenue of $7.9 billion, with a range of $5.9 billion to $9.9 billion, and adjusted earnings per share of $1.43, with a range of $1.33 to $1.53, for the second quarter. In contrast, analysts predicted revenue of $8.98 billion and EPS of $1.91, according to LSEG.

Micron's shares have increased by 22% year to date, while the Nasdaq has experienced a 29% gain. The company's earnings report emphasized data centers and artificial intelligence ventures as areas for growth, using Nvidia's processors.

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

WATCH: Micron shares continue to slip on guidance