Micron Technology Inc MU reported its fiscal fourth-quarter results Thursday after the bell. Here’s a rundown of the report.
What Happened: Micron reported fourth-quarter revenue of $6.64 billion, which missed average analyst estimates of $6.68 billion, according to Benzinga Pro. The company’s top-line results were down from $8.64 billion year-over-year.
Micron reported quarterly adjusted earnings of $1.45 per share, which beat average estimates of $1.30 per share.
Micron said it ended the quarter with a net cash position of $4.15 billion after repurchasing approximately 13.2 million shares for $784 million during the quarter.
“Our technology and manufacturing leadership in both DRAM and NAND, deep customer relationships, diverse product portfolio, and strong balance sheet put Micron on solid footing to navigate the weakened near-term supply-demand environment,” said Sanjay Mehrotra, president and CEO of Micron.
What’s Next: Micron expects fiscal first-quarter revenue to be approximately $4.25 billion, plus or minus $250 million versus average analyst estimates of $5.62 billion.
The company said it expects first-quarter adjusted earnings of approximately 4 cents per share, plus or minus 10 cents per share, versus average estimates of 64 cents per share.
“We are taking decisive steps to reduce our supply growth including a nearly 50% wafer fab equipment capex cut versus last year, and we expect to emerge from this downcycle well positioned to capitalize on the long-term demand for memory and storage,” Mehrotra said.
See Also: Micron Technology Whale Trades Spotted
MU Price Action: Micron has a 52-week high of $98.45 and a 52-week low of $48.45.
The stock was trading 0.74% higher at $50.38 after-hours Thursday after initially spiking lower on the earnings news.
Photo: courtesy of Micron.
Image and article originally from www.benzinga.com. Read the original article here.