Micron reported non-GAAP earnings per share of $1.05 with revenue coming in at $4.79 billion.
For the current quarter and into fiscal 2020, Micron said it expects a solid rebound in memory demand, expecting "healthy year-over-year growth" in its global DRAM semiconductor business.
While you can't deny earnings beat, were expectations for Micron just too low heading into earnings. Leading into its earnings report, Micron had shed nearly all of its 2019 gains on macroeconomic and trade concerns.
Action Alerts Plus senior analyst Jeff Marks breaks down what to take away from Micron's report and what investors need to watch going forward:
"I think investor expectations were very low into the report," said Marks.
Marks said that he's "taking more of a longer-term view that's going to be driven by so many secular themes such as 5G, IoT, AI autonomous driving. So, it's a good area to be in for the long term. Now near term. They're going to have to cut down on CapEx and to do that, what they're going to do in their fiscal year 2020, they're going to cut down on CapEx cause they need to get the supply and demand more in line because right now, you know, there's the supply is just outpacing the demand and inventories are still pretty flush."