Micron Technology Inc (NASDAQ:MU) shares are trading lower Thursday on the heels of the company's fourth-quarter financial results. Here's a rundown of the report and a look at what appears to be driving the action.

Q4 Revenue: $4.01 billion beat estimates of $3.91 billion
Q4 EPS: Loss of $1.07 beat estimates for loss of $1.18

"During fiscal 2023, amid a challenging environment for the memory and storage industry, Micron sustained technology leadership, launched a significant number of leading-edge products, and took decisive actions on supply and cost," said Sanjay Mehrotra, president and CEO of Micron.

"Our 2023 performance positions us well as a market recovery takes shape in 2024, driven by increasing demand and disciplined supply. We look forward to record industry TAM revenue in 2025 as AI proliferates from the data center to the edge."

Outlook: Micron said it expects fiscal first-quarter revenue to be between $4.2 billion and $4.6 billion versus estimates of $3.97 billion. The company anticipates an earnings loss of $1 to $1.14 to per share versus estimates for a loss of 90 cents per share. The weak earnings outlook appears to be weighing on the stock.