MICRON TECHNOLOGY INC. REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 2020

BOISE, Idaho, March 25, 2020 (GLOBE NEWSWIRE) – Micron Technology, Inc. (Nasdaq: MU) today declared outcomes for its second quarter of financial 2020, which finished February 27, 2020.

Monetary Q2 2020 features

  • Income of $4.80 billion versus $5.14 billion for the earlier quarter and $5.84 billion for a similar period a year ago
  • GAAP net gain of $405 million, or $0.36 per weakened offer
  • Non-GAAP net gain of $517 million, or $0.45 per weakened offer
  • Working income of $2.00 billion versus $2.01 billion for the earlier quarter and $3.44 billion for a similar period a year ago
MICRON TECHNOLOGY INC. REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 2020

“Micron conveyed strong second quarter results and income at the high finish of the direction extend, notwithstanding the unfurling COVID-19 pandemic,” said Micron Technology President and CEO Sanjay Mehrotra. “I am thankful to our group for the magnificent business execution we have accomplished during this uncommon circumstance. Their versatility, together with Micron’s innovation initiative, more grounded item portfolio, and solid accounting report, give us certainty that we will rise up out of this difficult time all around situated to catch the hearty long haul request open doors for memory and capacity.”

Quarterly Financial Results

  GAAP (1)   Non-GAAP (2) 
(in millions, except per share amounts)FQ2-20FQ1-20FQ2-19 FQ2-20FQ1-20FQ2-19
 Revenue $       4,797 $       5,144 $       5,835  $       4,797 $       5,144 $       5,835
Gross margin1,3551,3662,864 1,3981,4052,928
percent of revenue28.2 %26.6 %49.1 % 29.1 %27.3 %50.2 %
Operating expenses915848907 856811818
Operating income4405181,957 5425942,110
percent of revenue9.2 %10.1 %33.5 % 11.3 %11.5 %36.2 %
Net income attributable to Micron4054911,619 5175481,971
Diluted earnings per share0.360.431.42 0.450.481.71

Interests in capital uses, net(2) were $1.94 billion for the second quarter of financial 2020, which brought about balanced free money flows(2) of $63 million. Micron repurchased around 785,000 portions of its basic stock for $44 million during the second quarter of monetary 2020 and finished the quarter with money, attractive speculations, and limited money of $8.12 billion, for a net cash(2) position of $2.70 billion.

Business Outlook

The following table presents Micron’s guidance for the third quarter of fiscal 2020:
FQ3-20 GAAP (1) Outlook Non-GAAP (2) Outlook
 Revenue $4.6 billion – $5.2 billion $4.6 billion – $5.2 billion
Gross margin30% ± 1.5%31% ±1.5%
Operating expenses$891 million ± $25 million$825 million ± $25 million
Interest (income) expense, net$38 million$35 million
Diluted earnings per share$0.41 ± $0.15$0.55 ± $0.15

Richa Pandit

Hi, This is Richa Pandit, Blogger & writer on Businessrooters.

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