UPDATE: Shares of Micron Volatile Following Q2 Earnings
Shares of Micron Technology (NASDAQ: MU) are volatile in after-market trading after the company reported second quarter earnings.
After closing at $24, shares hit a high of $25.15, then quickly fell below the day's closing price. Shares are trading at $24.18 at last check.
Micron beat analyst estimates for earnings per share, reporting $0.85 versus $0.74 analyst estimates. The company also beat on the top line, reporting $4.1 billion versus $3.9 billion estimates.
Revenues from sales of Trade NAND Flash products were 11 percent higher in the second quarter of fiscal 2014 compared to the first quarter of fiscal 2014, primarily due to a 35 percent increase in sales volume offset by an 18 percent decrease in average selling prices.
Revenues from sales of DRAM products were essentially unchanged in the second quarter of fiscal 2014 compared to the first quarter of fiscal 2014, as both sales volumes and average selling prices remained stable.
The company's overall consolidated gross margin was 34 percent in the second quarter of fiscal 2014 compared to 32 percent in the first quarter of fiscal 2014, as a result of a higher DRAM gross margin.
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