Published on March 16th, 2015 | by Daily Station Team
Micron Technology Inc. (NASDAQ:MU)’s First Quarterly Results for Fiscal 2015
On Tuesday, Micron Technology Incorporation (NASDAQ:MU) posted the results for the first quarter of fiscal 2015 which closed in December 4, 2015 after the market and trading closed down. Unfortunately, Micron Tech. (NASDAQ:MU) missed the estimates and predictions made by analysts for EPS that is earnings per share. The company also faced a drop in yield afterwards the upgrades made in DRAM.
The company reported solid income guaranteeing to have profited on the back of enhanced deals and sales with lower expenses in the first quarter of fiscal 2015. Micron Tech. (NASDAQ:MU) reported an income of 4.57 billion dollars, which was up by 13 percent YOY (year-on-year), but at the same time, it missed the mark of 4.62 billion dollars which was expected to generate from the first quarter. The company also reported balanced income of 1.14 billion dollars and earnings per share of 97 cents, which results in an increment of around 26 percent year-on-year, and beats the expectations of analysts of 92 pennies by 5.32 percent. Micron Tech. (NASDAQ:MU) posted 1.59 billion dollars in for free cash flow from working activities contrasted with 1.51 dollars during the same quarter of fiscal 2014, with gross margins expanding to 35.8 percent.
On Tuesday, the shares of Micron Technology (NASDAQ:MU) closed down by 2.68 percent at 32.87 dollars before the earnings for the first quarter were reported and as soon as the earnings were displayed, the stock plunged as low as 4.62 percent in post-retail trading time. This week performance of the stock was also because the company failed to meet the expectations of the analysts, which resulted in feeble projection for the second quarter of fiscal 2015. But since then, Micron Technology’s (NASDAQ:MU) stock has picked up 59% YTD.
Idaho-based corporation, The Boise is known for its creation of DRAM which stands for dynamic random access memory. In the wake of the acquisition of Elpida Memory Incorporation, Micron Technology (NASDAQ:MU) expanded its operations of DRAM and now it has turned into one of the main producers of the chip.
The company has now been effectively improving and strategically presenting new user, network and integrated items. Micron Tech. appears to be idealistic, anticipating tailwind impacts on demand. In earlier years, Micron Tech. was confronted with demand and interest complications concerning macro issues. Be that as it may, when the business for memory items was strengthened, the organization restored its income and has possessed the capacity to accomplish record earnings in financial 2014.
Micron Technology Incorporation is now one of the leading manufacturers and distributors of NAND and DRAM flash memory. Micron has a different set of beliefs than the rest of the technology industry and it is of the view that the business sector for PCs still exists which means that the demand for DRAM is very high in the market. In fiscal 2015, Micron Tech. hopes that the supply and utilization of DRAM will grow by 20 percent.