On Friday, Shares of Micron Technology, Inc. (NASDAQ:MU), declined -18.15% to $19.66, hitting its lowest level.
Micron Technology, declared results of operations for its third quarter of fiscal 2015, which ended June 4, 2015. Revenues for the third quarter of fiscal 2015 were $3.85 billion and were 8 percent lower contrast to the second quarter of fiscal 2015 and 3 percent lower contrast to the third quarter of fiscal 2014. Cash flows from operations were $1.34 billion for the third quarter of fiscal 2015.
GAAP Income and Per Share Data - On a GAAP basis, net income attributable to Micron shareholders for the third quarter of fiscal 2015 was $491 million, or $0.42 per diluted share, contrast to net income of $934 million, or $0.78 per diluted share, for the second quarter of fiscal 2015 and net income of $806 million, or $0.68 per diluted share, for the third quarter of fiscal 2014.
Non-GAAP Income and Per Share Data - On a non-GAAP basis, net income attributable to Micron shareholders for the third quarter of fiscal 2015 was $620 million, or $0.54 per diluted share, contrast to net income of $941 million, or $0.81 per diluted share, for the second quarter of fiscal 2015. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.
Revenues for the third quarter of fiscal 2015 were 8 percent lower contrast to the second quarter of fiscal 2015 primarily due to a 10 percent decline in DRAM average selling prices and relatively flat DRAM sales volume. The company’s overall merged gross margin of 31 percent for the third quarter of fiscal 2015 was down 3 percent contrast to the second quarter of fiscal 2015 primarily due to lower average selling prices for DRAM, partially offset by lower manufacturing costs.
Micron Technology, Inc., together with its auxiliaries, provides semiconductor solutions worldwide. The company manufactures and markets dynamic random access memory (DRAM), NAND flash, and NOR flash memory products; and packaging solutions and semiconductor systems.
Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD), declined -4.26% to $2.47, during its last trading session, after Micron Technology, missed analysts’ estimates in its fiscal third quarter and offered a light fiscal fourth guidance due to weak PC sales.
Micron stated earnings of 54 cents a share for the fiscal third quarter, below analysts’ estimates of 57 cents a share. The company said revenue fell 3.3% year over year to $3.85 billion for the quarter, contrast to analysts’ estimates of $3.91 billion.
Advanced Micro Devices, Inc. operates as a semiconductor company worldwide. The company’s products primarily comprise x86 microprocessors as an accelerated processing unit (APU), chipsets, discrete graphics processing units (GPUs), and semi-custom System-on-Chip (SoC) products.
Finally, Intel Corporation (NASDAQ:INTC), ended its last trade with -3.03% loss, and closed at $31.02, as company gets downgrade from Jefferies after a discouraging earnings report by Micron sent semiconductor stocks in a tailspin.
Idaho-based Micron noted “weaker than predictable PC trends” and “below normal channel inventories,” causing Jefferies to lower Intel’s target price from $48 to $45. The research firm also lowered its 2015 earnings per share projections for the Santa Clara chipmaker from $2.37 a share to $2.25, and its 2016 projections from $3 a share to $2.82 a share.
Intel Corporation designs, manufactures, and sells integrated digital technology platforms worldwide. It operates through PC Client Group, Data Center Group, Internet of Things Group, Mobile and Communications Group, Software and Services, and All Other segments.
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