Micron Technology Beats Q2 Expectations, Shares Rise

Shares of

jumped over 4 percent in after-hours trading after the company reported better-than-expected results for its second quarter of fiscal 2015. The Boise, Idaho-based company posted quarterly net income of $934 million, or $0.78 per share, versus net income of $731 million, or $0.61 per share, in the year-ago quarter. On a non-GAAP basis, the company's net income came in at $941 million, or $0.81 per share. Its revenue for the second quarter rose 1 percent year-over-year to $4.17 billion. However, analysts were expecting earnings of $0.73 per share on revenue of $4.15 billion. Cash flows from operations came in at $1.25 billion for the second quarter. Its overall consolidated gross margin came in at 34 percent for the second quarter. Micron ended the quarter with $6.35 billion in cash and marketable investments. "Micron posted another solid quarter in our fiscal Q2 2015," said Micron CEO Mark Durcan. "We are pleased with our progress on technology and product migrations and remain confident in the performance of our business." The average estimate among 62 Estimize users was for earnings of $0.79 per share and revenue of $4.19 billion. Micron shares climbed 4.09 percent to $28.24 in the after-hours trading session.