United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Micron shares rise a tad after chipmaker beats Street's fiscal 2Q forecasts

Proactive Investors Wednesday, 20 March 2019
Shares of Micron Technology (NASDAQ:MU) edged higher in after-hours trade Wednesday after the chip maker overcame a “challenging market” to beat Wall Street’s lowered forecasts for revenue and profit in its fiscal second quarter. Based in Boise, Idaho, Micron is the second-largest supplier of memory chips globally, offering chips that include DRAM, NAND flash and NOR flash. Micron’s memory chips are used to store information, in comparison with microprocessor chips made by companies like Intel, which provide computing power. READ: Baird analyst reiterates Underperform rating on US chipmaker Micron Technology In the three months until February 28, the chip maker posted net income on an adjusted basis of $1.97 billion, or $1.71 per share. These results represent a drop from its profit of $3.5 billion, or $2.82 per share in the year-ago quarter, but come in ahead of the Street’s consensus, which shifted lower over the quarter, of $1.67 per share. The chip maker’s revenue, meanwhile, amounted to $5.84 billion, which was down from $7.35 billion in the corresponding period a year ago, but just slightly ahead of analysts’ projection of $5.82 billion. News of Micron’s quarterly performance comes as chipmakers face a problem of oversupply due to diminishing demand for smart phones. "Micron continues to execute well across a range of product, operational and financial initiatives against the backdrop of a challenging market environment," said Micron Technology CEO Sanjay Mehrotra in a statement. "These initiatives and our focus on high-value solutions, cost competitiveness and innovation will enable us to emerge even stronger as the market environment improves," he added. The Idaho company’s cash flow from operations slipped to $3.44 billion from $4.35 billion in the corresponding period a year before. After wavering initially after the bell, Micron shares nudged up by 0.5% to hit $40.33 in extended trade on Wednesday. Contact Ellen Kelleher at ellen@proactiveinvestors.com
0
shares
ShareTweetSavePostSend
 
Credit: The Street - Published < > Embed
News video: Micron Bull: Oversupply Isn't Really an Issue -- ICYMI

Micron Bull: Oversupply Isn't Really an Issue -- ICYMI 02:24

OK, one big item to talk about. Let's get to it. Micron Micron shares were up 9.69% to $44.02 Thursday, the day after the chip maker beat earnings estimates. The real catalyst for the stock was that management said it will cut back on capital expenditures for 2019, moving its capex budgeted to a...

You Might Like


Recent related videos from verified sources

Pinterest vs. Zoom vs. Lyft: Which Tech IPO Should You Choose? -- ICYMI [Video]Pinterest vs. Zoom vs. Lyft: Which Tech IPO Should You Choose? -- ICYMI

A plethora of high-growth tech companies are all going public at once. For retail investors trying to get exposed to any upside there, figuring out how to differentiate between the offerings can be..

Credit: The Street     Duration: 02:44Published

Healthcare Shares Plunge For Second Day [Video]Healthcare Shares Plunge For Second Day

According to Reuters, healthcare shares on Wall Street were trading lower at the closing bell for a second day. On April 17th, United Health Group, Merck & Co., Pfizer, and Abbott Laboratories end the..

Credit: Wochit Business     Duration: 00:38Published

Jim Cramer's Thoughts on Abbott and Netflix Earnings, Qualcomm and Apple [Video]Jim Cramer's Thoughts on Abbott and Netflix Earnings, Qualcomm and Apple

Here's what Jim Cramer is watching in the markers Wednesday morning. Abbott's Earnings Abbott Labs reported first-quarter earnings that topped its own forecast. Abbott reported adjusted earnings of 63..

Credit: The Street     Duration: 05:13Published

Why the Unicorns Are All IPO-ing Right Now -- ICYMI [Video]Why the Unicorns Are All IPO-ing Right Now -- ICYMI

It seem all the unicorns are going public at once. That's not a coincidence, according to a few unicorn experts. Unicorn IPOs Lyft , and unicorns Uber, Pinterest, Slack and AirBnB, all seem to be..

Credit: The Street     Duration: 02:17Published

Why UnitedHealth Is Real Money's Stock of the Day [Video]Why UnitedHealth Is Real Money's Stock of the Day

United Healthcare on Tuesday reported first-quarter earnings that beat analysts' forecasts, and lifted its outlook on expectations that it will continue to expand benefits while managing costs, wrote..

Credit: The Street     Duration: 00:46Published

Jim Cramer's Thoughts on Bank of America, UnitedHealth and Netflix Earnings [Video]Jim Cramer's Thoughts on Bank of America, UnitedHealth and Netflix Earnings

Bank of America Earnings Bank of America said first-quarter profit rose by 6%, as cost cuts helped to overcome a soft trading environment, wrote TheStreet's Bradley Keoun. Net income climbed to $7.3..

Credit: The Street     Duration: 06:12Published

Jim Cramer's Reaction to Citigroup and Goldman Sachs Earnings [Video]Jim Cramer's Reaction to Citigroup and Goldman Sachs Earnings

Jim Cramer weighed in on Citigroup and Goldman Sachs, which both released earnings before the bell Monday morning. Citigroup's Earnings Real Money Stock of the Day Citigroup posted..

Credit: The Street     Duration: 00:54Published

Jim Cramer Weighs In on Bank Earnings, and Huawei's Potential Chip Sale to Apple [Video]Jim Cramer Weighs In on Bank Earnings, and Huawei's Potential Chip Sale to Apple

Ready for another week? Jim Cramer's tackling this week's first earnings. Citigroup's Earnings Real Money Stock of the Day Citigroup posted better-than-expected results for the first quarter as a..

Credit: The Street     Duration: 05:42Published


Recent related news from verified sources

Bed Bath & Beyond stock slides on mixed 4Q and annual results

Bed Bath & Beyond Inc (NASDAQ:BBBY) shares slipped in extended trading Wednesday, as the company beat analyst expectations for its fiscal fourth-quarter earnings...
Proactive Investors

Intel buys British chip design firm

Chip maker Intel acquired British programmable chip technology maker Omnitek, the companies announced Tuesday. Omnitek intellectual property and its 40 employees...
bizjournals

WD-40 stock skids after fiscal 2Q revenue miss

WD-40 Company (NASDAQ:WDFC) shares slipped Tuesday after the company posted fiscal second-quarter earnings after the bell that missed on revenue and beat on...
Proactive Investors

Apple investors file lawsuit against iPhone maker over alleged securities fraud

Investors have launched a lawsuit against Apple Inc (NASDAQ:AAPL) on claims the company withheld details about how much iPhone demand had slumped in 2018. In...
Proactive Investors

Aphria shares dip after cannabis producer swings to fiscal 3Q loss

Shares of Aphria Inc (TSE:APHA) (NYSE:APHA) tumbled Monday after the Canadian cannabis producer swung to a loss in its fiscal third-quarter despite posting...
Proactive Investors

Vince Holding swings to profit in fiscal 4Q thanks to robust online clothing sales

Vince Holding Corp (NYSE:VNCE) swung to a profit in its fiscal fourth quarter as the high-end clothing company reported robust online sales. In the three months...
Proactive Investors

Shaw Communications shares sink despite better-than-expected 2Q earnings

Shares of Shaw Communications (TSE:SJR.B) (NYSE:SJR) sank on Tuesday, despite the company releasing better-than-expected 2Q earnings. Earnings for the Calgary...
Proactive Investors

Buds & Duds: Cannabis stocks perk up; WeedMD Inc shares jump on expansion of Strathroy property

Cannabis stocks gained momentum Wednesday after losses earlier in the week.  The North American Marijuana Index, which tracks the top cannabis stocks in the US...
Proactive Investors


Other recent news in Business

The SAMSUNG GALAXY FOLD fiasco is the best example yet of why Apple always waits to get into new markets (AAPL)THE MUELLER Report’s Free, but Publishers Are Selling It as a Book
The parent company of the NATIONAL ENQUIRER says the tabloid is being sold to former Hudson News newsstand mogulThe MUELLER Show: TV Hosts Unpack 448 Pages in Real Time
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.