| | | Micron stock surges after hours as earnings top lowered expectations
MARKETWATCH 4:16 PM ET 6/25/2019
Symbol Last Price Change | MU | 32.68 | -0.51 (-1.54%) | | QUOTES AS OF 04:15:00 PM ET 06/25/2019 |
Micron reports adjusted EPS of $1.05 when Street expected of 79 cents a share
Micron Technology Inc. (MU) shares rose in the extended session Tuesday after the memory-chip maker's results topped lowered expectations for the quarter.
Micron (MU) shares rallied 6% after hours, following a 1.5% decline to close the regular session at $32.68. In comparison, the S&P 500 index finished down 1%, while the Nasdaq Composite Index , and the PHLX Semiconductor Index both declined 1.5%.
The company reported fiscal third-quarter net income of $840 million, or 74 cents a share, compared with $3.82 billion, or $3.10 a share, in the year-ago period.
Adjusted earnings were $1.05 a share. Revenue fell to $4.79 billion from $7.8 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 79 cents a share on revenue of $4.67 billion.
At the beginning of the third quarter, the Street had been estimating $1.36 a share on revenue of $5.59 billion.
"Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment," said Micron Chief Executive Sanjay Mehrotra in a statement. "While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance."
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com |
|
