Micron's Memory Chip Prices Firm Up

Memory chip manufacturer Micron Technology (NASDAQ: MU) beat analyst estimates across the board when it reported its fiscal third-quarter results on Monday afternoon. Revenue of $5.44 billion was up 13.6% year over year and $130 million ahead of estimates, while non-GAAP (adjusted) EPS of $0.82 beat expectations by $0.06 per share.

While the numbers looked good compared to the previous quarter and the prior-year period, Micron is still in a funk relative to 2018. Revenue was down a whopping 30% compared to Q3 of fiscal 2018 for Micron, and adjusted EPS tumbled 74%. A steep decline in memory chip prices is responsible for the lower revenue and profit.

Micron isn't anywhere close to posting the kind of record-breaking numbers it was reporting back in 2018, but most of the important metrics are trending in the right direction.

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Source Fool.com