Micron 2Q Profit Falls but Remains Above Projections; 3Q Profit Guidance Widens
March 25 2020 - 4:50PM
Dow Jones News
By Maria Armental
Micron Technology Inc., one of the world's largest memory chip
makers, on Wednesday reported second-quarter financial results.
Here's what you need to know.
PROFIT: Net income dropped to $405 million, or 36 cents a share,
from $1.62 billion, or $1.42 a share, a year earlier. On an
adjusted basis, profit fell to 45 cents a share from $1.71 a share
a year earlier. In December, the company had projected profit of
about 25 cents a share, or 35 on an adjusted basis, while analysts
surveyed by FactSet recently projected 28 cents a share, or 37
cents a share as adjusted.
REVENUE: Revenue fell to $4.8 billion from $5.84 billion a year
earlier. Micron in December projected $4.5 billion to $4.8 billion,
while analysts recently projected $4.89 billion.
OUTLOOK: Micron gave a wider projected range for the current
quarter, saying it expects profit around 41 cents a share, or 51
cents a share on an adjusted basis, plus or minus 15 cents. It
forecast $4.6 billion to $5.2 billion in revenue. Analysts,
meanwhile, projected 43 cents a share, or 52 cents as adjusted, on
$4.89 billion in revenue.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
March 25, 2020 16:35 ET (20:35 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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