Micron goes up while chip maker beats estimates

Micron Technology (MU) exceeded expectations for its financial and financial results after the closing bell on Wednesday.

The company announced a profit of 1.71 USD per share for the second fiscal quarter, for a business turnover of 5.84 billion USD. Analysts were expecting the chip maker to announce a profit of 1.67 USD per share for a turnover of 5.82 billion USD.

Micron recorded a 9-percentage-point decline in its twelve-month gross profit margin to 49.1%, while its operating income went from $ 3.57 billion to $ 1.95 billion. Prices and memory sales have dropped due to weak global smartphone sales, and analysts are divided on whether prices are near the low or low, or will continue to fall this year .

After hesitating a little, Micron shares rose about 0.6% after hours on Wednesday after closing the day down 0.6%.

Micron shares have jumped 30% in the last three months after the release of its dismal first quarter financial results in December. The stock has reached a minimum of $ 29 per share as a result of the publication, but has now returned above $ 40 per share.

"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, Micron Technology. "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."

The company has not provided future guidance in its filing, but it should do so in its call for results.

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