Micron earnings (NASDAQ:MU) were unveiled late in the day Tuesday, revealing figures that were mixed for its latest quarter as its earnings topped the mark, yet its revenue missed analysts’ expectations, sending MU stock down.
The Boise, Idaho-based semiconductor manufacturer said that for its first quarter of fiscal 2019, it amassed earnings of $3.29 billion, or $2.81 per share. On an adjusted basis, the company reeled in earnings of $2.97 per share, 52 cents ahead of the $2.45 per share it garnered during its first quarter of fiscal 2018.
Micron’s earnings were better than the $2.95 per share that analysts were calling for. The company added that it brought in revenue of $7.91 billion, topping the $6.8 billion it amassed during the year-ago quarter. The Wall Street consensus estimate was projecting the semiconductor maker to rake in revenue of $8 billion.
The company’s operating cash flow for the period ended at $4.81 billion, which is better than the $3.64 billion it had at the year-ago quarter.
“Despite weak near-term industry supply-demand dynamics entering calendar 2019, Micron is well-positioned to deliver healthy profitability throughout the year,” Micron President and CEO Sanjay Mehrotra said. “We remain bullish on the long-term secular growth trends driving the memory and storage industry.”
MU stock is sliding about 5.3% after the bell following the company’s quarterly revenue miss, while shares had been up about 0.7% during regular trading hours in anticipation of the company posting for its latest period.