Micron (NASDAQ:MU) +5.3% reports Q2 beats with revenue down 18% Y/Y. For Q3, the company sees $4.6-5.2B in revenue (consensus: $4.88B), EPS of $0.40-0.70 (consensus: $0.52), and gross margin of 29.5-32.5%.
Q2 Operating cash flow totaled $2B, down from the $3.4B in last year's quarter.
DRAM revenue was down 26% Y/Y, while bit shipments grew 20% in the period.
For NAND, revenue was up 9% Y/Y, bit shipments grew 20%, and ASPs were up on the quarter in the upper-single-digit percent range.
Adjusted gross margin was 29.1%, above the 27.2% estimate.
Micron ended the quarter with a net cash position of $2.7B. Source Seeking alpha
Q2 Operating cash flow totaled $2B, down from the $3.4B in last year's quarter.
DRAM revenue was down 26% Y/Y, while bit shipments grew 20% in the period.
For NAND, revenue was up 9% Y/Y, bit shipments grew 20%, and ASPs were up on the quarter in the upper-single-digit percent range.
Adjusted gross margin was 29.1%, above the 27.2% estimate.
Micron ended the quarter with a net cash position of $2.7B. Source Seeking alpha