Micron Reports Q2 Earnings Beat

Micron Technology, Inc. MU released second-quarter earnings results Wednesday afternoon.

Adjusted earnings came in at $1.71, beating the consensus estimates by 4 cents. Sales came in at $5.84 billion, beating estimates by $20 million.

"Micron continues to execute well across a range of product, operational and financial initiatives against the backdrop of a challenging market environment," said President and CEO Sanjay Mehrotra. "These initiatives and our focus on high-value solutions, cost competitiveness and innovation will enable us to emerge even stronger as the market environment improves."

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Highlights

• Share repurchases of $702 million
• Ended quarter with net cash position of $2.99 billion
• GAAP net income of $1.62 billion

Micron shares were little changed in after-hours trading. The stock closed at $40.13 per share.