Micron Technology Inc (NASDAQ:MU) reported fiscal second-quarter financial results after the bell. The stock is reacting favorably to the print even though the numbers came in weaker than expected.
What Happened: Micron reported second-quarter revenue of $3.69 billion, down from $7.79 billion year-over-year and below consensus estimates of $3.72 billion, according to Benzinga Pro.
The chip company reported a quarterly loss of $1.91 per share, which missed estimates for a loss of 81 cents per share. Micron said inventory write-downs totaled $1.43 billion, which had a $1.34 per share impact on earnings.
Operating cash flow came in at $343 million, down from $3.63 billion on a year-over-year basis.
“Micron delivered fiscal second-quarter revenue within our guidance range in a challenging market environment. Customer inventories are getting better, and we expect gradual improvements to the industry’s supply-demand balance,” said Sanjay Mehrotra, president and CEO of Micron.
Micron sees fiscal third-quarter revenue of $3.7 billion, plus or minus $200 million, versus estimates of $3.7 billion. The company anticipates a quarterly loss of $1.58 per share, plus or minus 7 cents per share.
The company will hold a conference call to discuss these results at 4:30 p.m. ET.
MU Price Action: Micron has a 52-week high of $86.23 and a 52-week low of $48.43.
The stock was up 1.96% after hours at $60.44 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Micron.
