The company reported fiscal second quarter earnings of $1.71 per share on revenue of $5.84 billion. Analysts were expecting the chipmaker to report earnings of $1.67 per share on revenue of $5.82 billion.
Micron reported a year-over-year decline in gross profit margin of 9 percentage points to 49.1%, while its operating income dropped to $1.95 billion from $3.57 billion. Memory prices and sales have declined on weak global smartphone sales, and analysts are divided on whether prices are at or close to a bottom now, or will continue declining this year.
After wavering for a bit, Micron shares were up about 0.6% after hours on Wednesday after closing the day down 0.6%.
Micron's stock has jumped 30% over the past three months following its disastrous fiscal first-quarter earnings release in December. The stock hit a low of $29 per share in the wake of the release, but is now back above $40 per share.
"Micron continues to execute well across a range of product, operational and financial initiatives against the backdrop of a challenging market environment," said Micron Technology President and CEO Sanjay Mehrotra. "These initiatives and our focus on high-value solutions, cost competitiveness and innovation will enable us to emerge even stronger as the market environment improves."
The company did not provide future guidance in its filing, but it is expected to do so in its earnings call.
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