Micron's Earnings Took a Big Hit This Quarter

Micron (NASDAQ: MU) just had a tough end to its fiscal 2019. The chipmaker's fourth quarter involved huge fallout in revenues and heavy declines in operating margins as well as earnings. Management did express some optimism regarding "recovering industry demand," but one has to wonder how optimistic we can really be while trade disputes remain unresolved. Management's guidance for the first quarter of fiscal 2020 suggests continued year-over-year declines in earnings.

Fourth-quarter revenues took a 42% dive year over year to $4.87 billion, with gross margins of 28.6% compared to 61% a year ago. Operating income was $650 million vs. $4.37 billion in fiscal 2018. That's an 85% decline. Net income declined a comparably bad 87%.

Earnings were $0.49 per diluted share. Analyst estimates had been at $0.51 per share.

Source Fool.com