Micron Technology, Inc. (MU) Q2 Earnings Top Expectations, Shares Fall

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Micron Technology, Inc. (NASDAQ:MU) unveiled its latest quarterly earnings results after hours Thursday.

Micron Technology, Inc. (MU)The Boise, Idaho-based company announced second-quarter GAAP net income of $3.31 billion, or $2.67 per diluted share. Adjusted earnings came in at $3.50 billion, or $2.82 per share, which was 8 cents above analysts’ consensus estimate of $2.74 per share.

Revenue was strong for Micron Technology as well, rising 58% during the period while also increasing 8% compared to the previous quarter, reaching $7.35 billion. Analysts were projecting the company to rake in revenue of $7.35 billion heading into the third quarter.

The semiconductor devices maker’s operating cash flow at the end of its second quarter was $4.35 billion, well above twice as much as the fiscal 2017, second-quarter operating cash flow of $1.77 billion. The company’s gross margin was 58.1% for the period, 3% higher than the previous quarter.

“Micron executed exceptionally well in the second quarter, delivering record results and strong free cash flow driven by broad-based demand for our memory and storage solutions,”said Micron President and CEO Sanjay Mehrotra. “Our performance was accentuated by an ongoing shift to high-value solutions as we grew sales to our cloud, mobile and automotive customers and set new records for SSDs and graphics memory.”

Mehrotra added that secular technology trends have helped boost demand for memory and storage, and Micron Technology is at the forefront of these growth opportunities.

MU stock fell about 3.5% during regular trading hours, slipping an additional 1.9% after the bell Thursday.


Article printed from InvestorPlace Media, https://investorplace.com/2018/03/micron-technology-inc-mu-2/.

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