Real Money's Stock of the Day Micron (MU - Get Report) posted stronger-than-expected second quarter earnings and echoed semiconductor sector rivals by forecast an uptick in global demand over the second half of the year.
Micron said adjusted non-GAAP earnings for the three months ending in February, the company's fiscal second quarter, came in at $1.71 per share, down nearly 40% from the same period last year but 4 cents ahead of the Street consensus forecast. Group revenues, Micron said, slumped 20.55% to $5.84 billion but again topped analysts' estimates of $5.82 billion. Adjusted free cash flow for the period hit $1 billion.
"We believe that 5G, foldable phones and upcoming innovations in augmented and virtual reality will drive sustained content growth for years to come and should reignite smartphone unit sales beginning in calendar 2020," CEO Sanjay Mehrotra told investors on a conference call late Wednesday. "In the data center market, the demand for memory has moderated this year following exceptional growth in the last two years."
Here's what Jim Cramer expects from 5G.
How Much Money Will I Need to Retire?
Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.