Micron Beats in Q2

Micron Technology, Inc. (NASDAQ:MU) reported stronger-than-expected results for its second quarter on Wednesday.

The Boise, Idaho-based Micron reported revenue of $4.80 billion versus $5.14 billion for the prior quarter and $5.84 billion for the same period last year

GAAP net income was $405 million, or $0.36 per diluted share. Non-GAAP net income was $517 million, or $0.45 per diluted share Operating cash flow registered at $2 billion versus $2.01 billion for the prior quarter and $3.44 billion for the same period last year.

Said CEO Sanjay Mehotra, "Micron delivered solid second quarter results and revenue at the high end of the guidance range, despite the unfolding COVID-19 pandemic.

"I am grateful to our team for the excellent business execution we have achieved during this unprecedented situation. Their 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.”

Investments in capital expenditures, net were $1.94 billion for the second quarter of fiscal 2020, which resulted in adjusted free cash flows of $63 million. Micron repurchased approximately 785,000 shares of its common stock for $44 million during the second quarter of fiscal 2020 and ended the quarter with cash, marketable investments, and restricted cash of $8.12 billion, for a net cash position of $2.70 billion.

Shares gained $2.03, or 4.8%, to $44.53.