Micron Reports Strong Q2 Earnings Beat

Micron Technology MU shares were trading higher after the company reported better-than-expected second-quarter EPS and sales results.

The company reported quarterly earnings of 45 cents per share, which beat the analyst consensus estimate of 37 cents by 21.62%. This is a 73.68% decrease over earnings of $1.71 per share from the same period last year.

Micron reported quarterly sales of $4.8 billion, which beat the analyst consensus estimate of $4.69 billion by 2.35%. This is a 17.74% decrease over sales of $5.835 billion the same period last year.

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The company sees third-quarter adjusted EPS 40-65 cents versus the 53-cent estimate, sales $4.6-$5.2 billion versus the $4.87 billion estimate.

Micron shares were trading up 6.4% at $45.25 in Wednesday's after-hours session. The stock has a 52-week range between $61.19 and $31.13.