Micron share price up 1% on Q2 results revenue beat
The chipmaker's stock rises after a better-than-expected Q2 earnings report.
|Earnings per share||$1.71|
|Net Income||$1.62 billion|
Micron share price up 1% after Q2 earnings revenue beats estimates
Micron’s share price has slightly risen after better-than-expected earnings. Micron’s earnings were $1.71, less than the company’s own projected $1.75, but better than financial experts’ predictions of $1.60. The company had higher profits because the chips Micron made were in high demand in cars and in data centers.
Micron’s revenue was $5.84 billion, slightly higher than the $5.8 billion of Wall Street estimates. Though Micron’s Q2 revenue was better-than-expected, it was a decline from $7.35 billion in 2018.
How did Micron’s Q2 results compare to other technology stocks?
Similar to chipmaker competitor, Nvidia, Micron has better-than-expected earnings. Both chipmakers had positive earnings reports.
What’s next for Micron’s Q3 profits?
For fiscal year 2019, financial experts predict that Micron’s Q3 earnings per share will be $7.18. They also project sales to be $24.65 billion, a drop of 19%. Micron offered weak guidance with a predicted Q3 revenue of $5.29 billion.
Micron survives oversupply of chips
Despite an excess of production of chips, Micron’s profits have shown a sign of growth. Chief executive officer, (CEO), Sanjay Mehrotra, said that Micron will continue to increase sales.
‘Micron continues to execute well across a range of product, operational and financial initiatives against the backdrop of a challenging market environment,’ said Mehrotra.
‘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,’ added Mehotra.
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