Micron indicates that the recovery of the memory chip will arrive later in the year, thus increasing the number of actions

For the second quarter of the year, Micron generated free cash flow of nearly $ 1 billion and generated earnings of $ 1.71 per share excluding items. That was down from $ 2.82 a year earlier, but higher than Wall Street's expectations at $ 1.67, according to IBEs data from Refinitiv.

"Certainly, Micron has never been able to generate such profitability and healthy cash flow in an unfavorable environment," said chief executive Sanjay Mehrotra in an interview with Reuters.

Kinngai Chan, an badyst at Summit Insights Group, said investors were focused on the recovery outlook in the second half of the calendar year, with the third-quarter forecast showing Micron's bottom line and gross margin ".

The Boise-based company in Idaho said Wednesday that it was expecting a turnover of between $ 4.6 billion and $ 5 billion for the third quarter of its fiscal year, which which is below badyst expectations, amounting to $ 5.3 billion, according to Refinitiv's IBES data. The company has reduced planned capital expenditures for the 2019 fiscal year to $ 9 billion, Micron executives said, down from previous forecasts of between $ 9 and $ 9.5 billion.

Revenues fell from $ 7.35 billion to $ 5.84 billion, exceeding expectations by $ 5.3 billion.

The company said it has repurchased 21 million common shares for $ 702 million during the quarter as part of its $ 10 billion stock repurchase program, leaving a net cash position of 2.99 billions of dollars.