The company reported revenue of $4.8 billion, which is down both sequentially and year over year, with earnings of 45 cents per share. Analysts were expecting the company to report revenue of $4.68 billion and earnings of 37 cents per share.
“Micron delivered solid second quarter results and revenue at the high end of the guidance range, despite the unfolding COVID-19 pandemic,” said CEO Sanjay Mehrotra. "Resilience, together with Micron’s technology leadership, stronger product portfolio, and healthy balance sheet, give us confidence that we will emerge from this challenging time well-positioned to capture the robust long-term demand opportunities for memory and storage.”
For the third quarter, the company expects revenue to range between $4.6 billion and $5.2 billion with earnings expected to range between 40 cents and 70 cents per share. The wide berth is a function of the uncertainty surrounding to extent of the coronavirus pandemic.
Analysts are expecting the company to report third-quarter revenue of $4.87 billion with earnings of 53 cents per share.
Micron also plans to institute cost-cutting measures in the third quarter, with operating expenses ranging between $800 million and $850 million in the period. In the second quarter, Micron reported operating expenses of $915 million.
The company expects its gross margins to increase slightly to between 28.5% and 31.5% from 28.2% in the just concluded quarter.
Micron shares rose 6.7% to $45.34 in the after hours session.