Micron (NASDAQ:MU) earnings for the computer memory maker’s fiscal fourth quarter of 2019 has MU stock dropping Thursday. The report sees it bring in non-GAAP earnings per share of 56 cents on revenue of $4.87 billion. These both beat out Wall Street’s estimates of 49 cents and $4.57 billion.
Now let’s look at what else happened during the Micron earnings report for its fiscal fourth quarter of the year.
- Micron saw its earnings per share drop 84% YoY from $3.53.
- Revenue for the quarter was down 42.30% from $8.44 billion during the same time last year.
- The quarter also has operating income coming in at $650 million, which is a 85% drop from $4.38 billion.
- The Micron earnings report also has net income of $561 million being down 87% from $4.33 billion in the same period of the year prior.
- Operating cash flow at the end of the quarter was $2.23 billion, as compared to $5.16 billion in MU’s fiscal fourth quarter of 2018.
Sanjay Mehrotra, President and CEO of MU, has this to say about the Micron earnings results.
“We are encouraged by signs of improving industry demand, but are mindful of continued near-term macroeconomic and trade uncertainties. As markets recover, Micron is well positioned to address the robust secular demand for memory and storage solutions.”
The Micron earnings report also includes the outlook for its fiscal first quarter of 2020. The company is expecting earnings per share between 39 cents and 53 cents with revenue ranging from $4.8 billion and $5.20 billion. Wall Street is looking for earnings per share of 48 cents on revenue of $4.76 billion for the quarter.
MU stock was down 5% in after-hours trading on Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.