Micron: shares up on quarterly earnings beat
(CercleFinance.com) - Micron announced late on Wednesday "solid" second-quarter results, with revenue at the upper end of its guidance range, despite the severe impact of the COVID-19 pandemic.
The US memory manufacturer reported net income of 517 million dollars, or 0.45 dollar per share, for the past quarter, versus net income of 2 billion dollars, or 1.71 dollar per share, in the same quarter last year.
The consensus was looking for a profit of 37 cents.
Micron said revenue in its fiscal second quarter ended 27 February, was 4.8 billion dollars, compared with 5.8 billion the year before.
Analysts were looking for 4.7 billion dollars.
In a note to clients, Wells Fargo Securities said the beat was most notably driven by strong datacenter and graphics demand, and a more favorable pricing environment.
For the current quarter, Micron has guided in-line with estimates, analysts noted.
"We see conservatism as appropriate given uncertain end demand conditions despite favorable forward pricing that typically would generate higher sales and margins," Wedbush Securities commented.
Micron shares were up 4.1% in early Thursday morning trading on Wall Street.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The US memory manufacturer reported net income of 517 million dollars, or 0.45 dollar per share, for the past quarter, versus net income of 2 billion dollars, or 1.71 dollar per share, in the same quarter last year.
The consensus was looking for a profit of 37 cents.
Micron said revenue in its fiscal second quarter ended 27 February, was 4.8 billion dollars, compared with 5.8 billion the year before.
Analysts were looking for 4.7 billion dollars.
In a note to clients, Wells Fargo Securities said the beat was most notably driven by strong datacenter and graphics demand, and a more favorable pricing environment.
For the current quarter, Micron has guided in-line with estimates, analysts noted.
"We see conservatism as appropriate given uncertain end demand conditions despite favorable forward pricing that typically would generate higher sales and margins," Wedbush Securities commented.
Micron shares were up 4.1% in early Thursday morning trading on Wall Street.
Copyright (c) 2020 CercleFinance.com. All rights reserved.