Jim Cramer weighs in on the earnings.
TheStreet's Eric Jhonsa broke down Micron's earnings.
More importantly, on its earnings call, the memory giant guided for February quarter revenue of $5.7 billion to $6.3 billion (down 18% annually at the midpoint) and EPS of $1.65 to $1.85, below a consensus of $7.26 billion and $2.39. The company also cut its fiscal 2019 (ends in Aug. 2019) capital spending budget to a range of $9 billion to $9.5 billion from one of $10.5 billion, plus or minus 5%.
Here are Jhonsa's five takeaways from the earnings report:
- Micron Is Offering Cautious Outlooks on 2019 DRAM and NAND Demand
- The Company Sees Several Near-Term Issues Weighing on Sales
- Management Is Optimistic Demand Will Improve in the Second Half of 2019
- Cost Reductions Will Prop Up Margins to an Extent
- Buybacks Will Continue