Q2 Report: Is Micron Slowing Down?
Micron released its fiscal second quarter financial resulst after the markets closed on Wednesday. The firm said that it had $1.71 in earnings per share (EPS) and $5.84 billion in revenue, which compares with consensus estimates that were calling for…
Micron Technology, Inc. (NASDAQ: MU | MU Price Prediction) released its fiscal second-quarter financial results after the markets closed on Wednesday. The firm said that it had $1.71 in earnings per share (EPS) and $5.84 billion in revenue, which compares with consensus estimates calling for $1.67 in EPS and $5.82 billion in revenue. The same period from last year had $2.82 in EPS and $7.35 billion in revenue.
Gross margin for the quarter was 50.2%, compared with 58.4% in the same period last year. The fiscal first quarter had a gross margin of 59.0%.
On the books, cash and short-term investments totaled $7.53 billion at the end of the quarter, versus $6.80 billion at the end of the previous fiscal year.
Micron did not offer any guidance in the report. However, consensus estimates for the third quarter are calling for $1.23 in EPS and $5.33 billion in revenue.
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The firm repurchased an aggregate of 21 million shares of its common stock for $702 million during the quarter in connection with its $10 billion share repurchase authorization.
Sanjay Mehrotra, Micron Technology President and CEO, commented:
Micron continues to execute well across a range of product, operational and financial initiatives against the backdrop of a challenging market environment. These initiatives and our focus on high-value solutions, cost competitiveness and innovation will enable us to emerge even stronger as the market environment improves.
Shares of Micron closed Wednesday at $40.13, within a 52-week range of $28.39 to $64.66. The stock has a consensus analyst price target of $46.04. Following the announcement, the stock was relatively unchanged in the after-hours session.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
