The shares of Micron Technology Inc. rose in the extended session on Tuesday after the memory chip maker's results exceeded expectations for the quarter.
Shares rose 6% in hours after a 1.5% drop to close the regular session at $ 32.68. For comparison, the S & P 500 index
finished down 1%, while the Nasdaq Composite Index
and the PHLX Semiconductor Index
both decreased by 1.5%. , in the period a year ago.
Adjusted earnings are $ 1.05 per share. Revenue dropped to $ 4.79 billion from $ 7.8 billion in the previous quarter. Analysts surveyed by FactSet predicted earnings of 79 cents per share on revenues of 4.67 billion dollars.
At the beginning of the third quarter, the street valued $ 1.36 per share in revenue of $ 5.59 billion. Executive Sanjay Mehrotra in a statement. "While we see early signs of improved demand, we plan to cut our capital spending through fiscal 2020 to help improve the balance between supply and demand in the industry."