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Micron reports fiscal second-quarter profit of $405 million

Posted: 2:49 PM, Mar 25, 2020
Updated: 2020-03-25 16:49:49-04

BOISE, Idaho — Micron Technology Inc. on Wednesday reported fiscal second-quarter profit of $405 million.

The Boise-based company said it had profit of 36 cents per share. Earnings, adjusted for stock option expense and restructuring costs, were 45 cents per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.

The chipmaker posted revenue of $4.8 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $4.66 billion.

For the current quarter ending in June, Micron expects its per-share earnings to range from 40 cents to 70 cents.

The company said it expects revenue in the range of $4.6 billion to $5.2 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $4.82 billion.

Micron shares have decreased 20 percent since the beginning of the year, while the Standard and Poor’s 500 index has declined 23 percent. In the final minutes of trading on Wednesday, shares hit $43.09 -- an increase of slightly more than 6 percent in the last 12 months.

(by Associated Press)