Micron 2Q Profit Falls but Remains Above Projections; 3Q Profit Guidance Widens

By Maria Armental

Micron Technology Inc., one of the world's largest memory chip makers, on Wednesday reported second-quarter financial results. Here's what you need to know.

PROFIT: Net income dropped to $405 million, or 36 cents a share, from $1.62 billion, or $1.42 a share, a year earlier. On an adjusted basis, profit fell to 45 cents a share from $1.71 a share a year earlier. In December, the company had projected profit of about 25 cents a share, or 35 on an adjusted basis, while analysts surveyed by FactSet recently projected 28 cents a share, or 37 cents a share as adjusted.

REVENUE: Revenue fell to $4.8 billion from $5.84 billion a year earlier. Micron in December projected $4.5 billion to $4.8 billion, while analysts recently projected $4.89 billion.

OUTLOOK: Micron gave a wider projected range for the current quarter, saying it expects profit around 41 cents a share, or 51 cents a share on an adjusted basis, plus or minus 15 cents. It forecast $4.6 billion to $5.2 billion in revenue. Analysts, meanwhile, projected 43 cents a share, or 52 cents as adjusted, on $4.89 billion in revenue.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

March 25, 2020 16:35 ET (20:35 GMT)

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