Micron Announces Second Quarter Results (NASDAQ: MU)

Micron Technology, Inc. (NASDAQ: MU) released the second quarter results Wednesday afternoon.

Adjusted earnings were $ 1.71, exceeding consensus estimates by 4 cents. Sales reached $ 5.84 billion, exceeding estimates of $ 20 million.

"Micron continues to successfully execute all of its product, operations and financial initiatives in a challenging market environment," said Sanjay Mehrotra, President and Chief Executive Officer. "These initiatives and our focus on high value-added solutions, cost competitiveness and innovation will enable us to strengthen our position as the market environment improves."

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Strong points

  • Share buybacks of $ 702 million
  • Quarter ended with net cash of $ 2.99 billion
  • GAAP net income of $ 1.62 billion

Micron's shares have changed little after trading hours. The stock closed at $ 40.13 per share.

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