Micron Technology Inc. reported its fiscal fourth-quarter results Thursday after the bell. Here’s a rundown of the report.
What Happened
Micron reported fourth-quarter revenue of $6.64 billion, which missed average analyst estimates of $6.68 billion, according to Benzinga Pro. The company’s top-line results were down from $8.64 billion year-over-year.
Micron reported quarterly adjusted earnings of $1.45 per share, which beat average estimates of $1.30 per share.
Micron said it ended the quarter with a net cash position of $4.15 billion after repurchasing approximately 13.2 million shares for $784 million during the quarter.
“Our technology and manufacturing leadership in both DRAM and NAND, deep customer relationships, diverse product portfolio, and strong balance sheet put Micron on solid footing to navigate the weakened near-term supply-demand environment,” said Sanjay Mehrotra, president and CEO of Micron….