Micron Technology, Inc. (NASDAQ: MU) today announced results for its third quarter of fiscal 2019.
Revenue for the tech giant came in at $4.79 billion versus $7.80 billion for the same period last year
GAAP net income was $840 million, or $0.74 per diluted share. Operating cash flow was $2.71 billion versus $4.26 billion for the same period last year
Share repurchases of $2.66 billion under the authorized buyback program in the first nine months of 2019.
Investments in capital expenditures were $2.21 billion for the third quarter of 2019, which resulted in adjusted free cash flow of $504 million.
Micron repurchased an aggregate of 67 million shares of its common stock for $2.66 billion during the first nine months of 2019 in connection with its $10 billion share repurchase authorization.
The company ended the third quarter with cash, marketable investments, and restricted cash of $7.93 billion for a net cash position of $3.02 billion.
According to CEO Sanjay Mehrotra, "Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment.
"While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance."
Micron boasts a status as an industry leader in innovative memory and storage solutions. Through its global brands – Micron®, Crucial®, and Ballistix® – our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, NOR Flash, and 3D XPoint™ memory,
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