Yahoo Finance Micron Earnings, Revenue Beat in Q2
Investing.com - Micron on Wednesday reported second-quarter earnings and revenue that topped expectations.
Micron Technology (NASDAQ:MU) shares gained 4.26% in after-hours trade following the report.
Micron announced earnings per share of $0.45 on revenue of $4.80 billion. Analysts polled by Investing.com anticipated EPS of $0.37 on revenue of $4.69 billion. That with comparison to EPS of $1.71 on revenue of $5.84 billion in the same period a year before. Micron had reported EPS of $0.48 on revenue of $5.14 billion in the previous quarter.
"Micron delivered solid second quarter results and revenue at the high end of the guidance range, despite the unfolding COVID-19 pandemic," said Micron President and CEO Sanjay Mehrotra. "I am grateful to our team for the excellent business execution we have achieved during this unprecedented situation. Their resilience, together with Micron’s technology leadership, stronger product portfolio, and healthy balance sheet, give us confidence that we will emerge from this challenging time well-positioned to capture the robust long-term demand opportunities for memory and storage."
Looking ahead to the fiscal third-quarter, Micron guided EPS within a range of $0.40 to $0.70 and revenue in a range of $4.6 billion to $5.2 billion. Analysts were expecting EPS of $0.54 and revenue of $4.91 billion in the upcoming quarter.
Micron shares are down 21% from the beginning of the year, still down 31.02% from its 52-week high of $61.19 set on February 12. They are outperforming the S&P 500 which is down 23.62% year to date.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar
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