Micron Technology Inc. (NASDAQ: MU) reported its fiscal second-quarter financial results after the markets closed on Wednesday. Despite beating on the bottom line, the results were not enough to sway investor sentiment. Analysts took it upon themselves to reinforce this idea through a series of price target cuts.
The company posted a net loss of $0.05 per share on $2.93 billion in revenue. That compared to consensus estimates from Thomson Reuters of a net loss of $0.08 per share and revenue of $3.05 billion. In the same period of last year, Micron reported earnings per share (EPS) of $0.81 on $4.17 billion in revenue.
In the second quarter, revenues were lower compared to last year, primarily due to a rough 10% declines in both DRAM average selling prices and sales volume. Non-volatile trade revenues in this quarter declined 6%, compared to the same period last year, as a result of a 15% decline in average selling prices partially offset by an increase in sales volume.
During this quarter cash flows from operations were $763 million. On the books, the company has cash and short-term investments totaling $4.04 billion at the end of the quarter, versus $3.64 at the end of the fiscal first quarter.
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